Hunter Biden, former U.S. President Joe Biden’s second son, launched a cryptocurrency meme coin call..

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Hunter Biden is seen leaving federal court in Los Angeles on September 5, 2024. [Picture = AP Union]

Hunter Biden, former U.S. President Joe Biden’s second son, launched a cryptocurrency meme coin called “LAPTOP” on the 9th (local time), based on the “laptop scandal,” which was the biggest scandal surrounding him, but the price plunged by more than 95% immediately after its launch, sparking controversy.

Hunter Biden, who has criticized U.S. President Donald Trump’s meme coin as a “fraudulent money-making,” issued tokens that put his political profile ahead of him, sparking controversy over “polyfinance (politics + finance)” in U.S. politics.

According to CoinGecko, a global virtual asset information site on the 10th, the price of Hunter Biden’s LAPTOP, a meme coin issued by Hunter Biden, was once traded at around $1.93 this morning. Compared to 24 hours ago, the price has plummeted by about 99%. On this day, the market capitalization of laptops was about 675.87 million dollars, and the 24-hour transaction price was $41.36 million.

Earlier on the 9th, Hunter Biden issued a meme coin laptop based on “Base,” a blockchain network developed by Coinbase, the largest cryptocurrency exchange in the U.S., and listed it on Aerodrome, a decentralized exchange (DEX).

According to a tally by cryptocurrency analyst Bubble Maps, laptop coins began trading at around $3 per unit, exceeded $300 in a few seconds, and then sank to the $2 level, returning most of the gains.

◆ The shadow of the ‘laptops scandal’ that rocked the 2020 presidential election

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Hunter Biden’s ‘$LAPTOP’ Coin Live Price Screen compiled by CoinGecko. Immediately after its launch, it is trading at $1.93, a 99.0% plunge from its highest price in just one day. [Source = Coin Gecko]

The coin’s name “Raptop” comes from Hunter Biden’s personal laptop, which was discovered at a computer repair shop in Delaware and leaked to the public ahead of the 2020 U.S. presidential election.

A hard drive copy of the laptop, provided by Rudy Giuliani, Trump’s personal lawyer at the time, to the conservative media New York Post, included Hunter Biden’s profligate personal life, as well as various data supporting allegations of blatant use of overseas business transactions and his father’s political status, which caused a huge stir in U.S. politics.

Since then, President Trump and his aides have used the laptop as an ongoing political weapon to attack the Biden family.

On the first day of his second term in January last year, Trump also made a precipitation to cancel security authorization from former intelligence officials who claimed that laptop data could be Russian intelligence operations.

“They made the laptop a weapon, but I made it a token,” Hunter Biden said on social media X (X, formerly Twitter). This is Hunter Biden’s public move more than a year after former President Joe Biden left office.

◆ Politician’s MemeCoin War Escalates…Trump and Melania Coins Plummet as well

In particular, Hunter Biden has criticized President Trump’s cryptocurrency business, which is a bitter rival during the coin launch.

He called the meme coin issued by President Trump through X “abused by fraudsters” and promised to give 2% of his laptop coin supply free of charge to investors who lost money while trading Trump coins (“$TRUMP”).

In fact, President Trump made a whopping $636 million in profits from his meme coin sales last year, but according to blockchain analysis firm Chainalysis, 764,000 virtual asset wallets lost money from the coin investment.

Trump’s coin, which once rose to $74, is currently trading around $2.15, and Melania Trump’s token has also plummeted from $14 to 11 cents.

“Trump destroyed trust in everything he touched, and his token was no exception,” Hunter Biden said.

◆ Founder’s Volume 30%…backbiting about the distribution structure

According to the Wall Street Journal (WSJ), out of the 1 billion meme coin “laptops” issued, 30% of start-ups, including Hunter Biden, are reportedly locked for six months.

Twenty percent of the remaining supplies will be distributed free of charge to investors who lost money as “TRUMP,” a meme coin issued by President Trump, and subscribers to Hunter Biden’s subscription newsletter “Substack.”

Another 20% is designed with liquidity supply and operating funds, and the remaining 30% is designed with a deflationary structure that is incinerated whenever 30 conditions are met, including the Democratic candidate’s 2028 presidential victory, a new all-time Bitcoin price, and laptop coin’s market capitalization overtakes Trump coin.

However, as the coin issued by Hunter Biden also lost more than 90% of its value within hours of its launch, it is pointed out that the remarks that criticized Trump Coin became a boomerang.

Hunter Biden blamed traders and technical problems for the price surge after the crash, arguing that prices had stabilized at a “sound” level.

He asked not to consider the coin as an investment tool, but he did not hide his intention, saying, “I also want to make some money.”