Hunter Biden's LAPTOP memecoin crashes nearly 100% amid profit allegations

The LAPTOP memecoin, a cryptocurrency project linked to Hunter Biden, has experienced a massive price collapse, losing approximately 99.9% of its value since launch. The token's market capitalization has fallen below $25 million.

Following the crash, allegations surfaced suggesting the project team may have secured eight-figure profits, potentially exceeding $10 million, through token sales. Hunter Biden has denied these claims, asserting that the team's wallets have not sold any tokens to date. He has challenged accusers to provide specific wallet addresses to substantiate the allegations of profit-taking.

The project team attributed the extreme volatility to low initial liquidity and the activity of automated “sniper bots,” which they claim artificially inflated and then rapidly deflated the price. The team also noted that 30% of the token supply allocated to founders is locked for six months, with a gradual unlocking period spanning over two years, and denied any insider preferential treatment.