Cardano founder Charles Hoskinson has sarcastically responded to the sharp collapse of LAPTOP, a memecoin associated with Hunter Biden, son of former US President Joe Biden.
LAPTOP surged to nearly $320 shortly after launching on Base before losing approximately 99% of its value within hours. According to onchain data, more than 80% of wallets that purchased LAPTOP were in the red following the launch.
Hoskinson took to social media and joked that LAPTOP's "true purpose" was to eventually match the price of a used MacBook Pro.
Hunter Biden Disputes Rug Pull Claims
Hunter Biden rejected characterizations of LAPTOP as a rug pull, instead attributing the extreme price swings to limited liquidity, technical issues, and predatory trading bots. He stated that the team's token allocation was locked, that nobody on his side sold tokens, and that he personally had not profited from the launch.
However, onchain data has raised questions about these claims. A project-affiliated multisig wallet received 100 million LAPTOP tokens, representing 10% of the total supply, before launch. The wallet has since sold 42.5 million of those tokens.
Current Price and Market Status
At the time of reporting, LAPTOP was trading at $0.7791, down over 99.75% from its all-time high of $401. Its market capitalization fell from nearly $80 billion at its peak to approximately $283.81 million.
Hoskinson has consistently criticized politicians and their associates for launching cryptocurrency projects, arguing that such ventures politicize an industry that should remain bipartisan and create ethical concerns.
