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.

New Facts About Hunter Biden's $LAPTOP Memecoin

• Hunter Biden's LAPTOP meme coin peaked just two minutes after its launch, trading at $199.51 before plummeting to $2.27.
• One trader made over $1 million during the brief peak, while another lost $197,000, turning a $200,000 investment into less than $2,000.
• The liquidity pool backing LAPTOP trades was valued at approximately $48,000, while the token's full supply was initially valued at $144 billion.
• Ownership of the token is highly concentrated, with the two largest wallets holding 30% of the total supply each.
• A trader who bought 919 LAPTOP tokens at an average price of $218 each saw their investment drop to under $2,000.
• Another wallet purchased 9,124 LAPTOP tokens for about $27 each and later sold a majority for $1.18 million.
• Biden stated that the token is not just about ownership but about making a statement, setting low expectations for its value.
• The token's price performance was predicted two days prior to its launch, with a target of $2.26 to match another token, Official Trump (TRUMP).

New Facts on Hunter Biden's $LAPTOP Memecoin

• Hunter Biden's $LAPTOP memecoin has decreased by 99% from its all-time high.
• At launch, the market cap reached $110 billion due to a supply of 1 billion tokens.
• Currently, the fully diluted market value is approximately $1.9 billion.
• Trading volume is averaging between $20,000 and $30,000 per minute.
• The price of $LAPTOP is now just under $2, down from its peak of $316.
• Snipers reportedly made significant profits during the launch, with one making around $190,000 and another as much as $335,000.
• Market maker Wintermute has sold $2 million worth of $LAPTOP tokens received from the team.