Pump Fun and Kraken Withdraw Support for Hunter Biden's $LAPTOP Memecoin

Pump Fun and Kraken have deleted their promotional posts for the $LAPTOP memecoin, which is themed around Hunter Biden's controversial laptop. The token was set to launch on Base, but faced intense criticism from the crypto community, prompting the firms to retract their support.

Initially promoted as a new trading opportunity, the memecoin's release on Wednesday was met with skepticism and backlash from notable crypto influencers. Ansem, known as Zion Thomas, criticized the launch by comparing it to previous celebrity coin failures, while others labeled it a 'scam' and expressed concerns over its viability due to pre-launch publicity.

In response to the backlash, Jesse Pollak, creator of the Base platform, clarified that while they were approached by Biden's team, they opted to remain uninvolved due to the political implications. Additionally, Cobie, a prominent crypto investor, worked to dispel rumors that Base was behind the token's launch.

The $LAPTOP token, which reportedly allocates 30% of its supply to Biden and co-founders, has been criticized for its connections to political narratives. The token's market performance has been tumultuous, plunging 99% shortly after its launch, dropping from an initial price of $200 to below $2.

Despite the controversy, the token's market capitalization remained above $770 million at the time of reporting, with plans for airdrops to investors who lost money on other meme coins, including Trump’s TRUMP token. The project aims to engage with political and market predictions, allowing tokens to be burned based on future events.