Former President's Son Biden: Denies LAPTOP Team Cashing Out Eight Figures
Market Insider reported that the circulating market value of the token LAPTOP, associated with Hunter Biden, has fallen below $25 million, a decline of about 99.9% from its issuance, estimating that the project team has profited in the eight figures. Biden responded that he had already stated this issuance was "terrible," that the relevant accounts are under review, and asserted that the team’s wallet has not sold any LAPTOP to date, demanding that those making the estimate publicly disclose the wallet address.
LAPTOP was launched on Base on September 9, with a total supply of about 1 billion tokens and approximately 350 million in circulation. Due to extremely thin liquidity after opening, the price was driven down to three-digit dollars within minutes, with the fully diluted valuation once displayed on screens at tens of billions or even higher, before retracting over 95% within hours, currently priced at about $0.073, with a 24-hour trading volume of about $3 million. There is a discrepancy between historical peak data sources, ranging from $199 to $400, all pointing to the same conclusion: a decline of around 99.9% from the relative peak.
Biden attributed the crash to market makers providing only about $5,000 in liquidity at the opening, with sniper bots amplifying volatility, and denied any mass withdrawal. On-chain analysis shows that about 80% of traders are at a loss, with around 88 wallets collectively profiting about $5.57 million, including one address that turned a position of about $250,000 into over $1 million in minutes. The founders and team disclosed that about 30% of the allocation is locked for 6 months before being released over 24 months, so the peak paper value cannot be equated to cash that has been cashed out. Additionally, about 20% is allocated for airdrops, and 30% is tied to predictive events, which will be destroyed if the event occurs, or else donated to charity.
A fake contract with the same name appeared in bulk on multiple chains before and after the launch, with the fake market recording several hundred million in reported transactions within the first ten hours, while the real contract lagged behind in some rankings. The token is currently traded on Gate, KuCoin, Kraken, etc., with about 34,000 holding addresses.
Mechanically, this is a standard price discovery failure for celebrity meme coins: buyers are retail investors and bots chasing political symbols at the opening, while sellers are sniper addresses that entered the thin pool earlier. Funds completed a virtual market cap inflation and subsequent collapse in extremely shallow liquidity, with the team’s locked positions making the "eight-figure cash out" unverifiable through direct holdings, shifting the controversy to undisclosed wallets. The beneficiaries are identifiable profit addresses from a few minutes before the opening; the pressured parties are later buyers who understood the purchase based on peak market value. Verifying accounts and public addresses becomes the only path for pricing to return from narrative to on-chain evidence.
Source: Public Information
ABAB AI Insight
Hunter Biden turned the 2020 laptop controversy into a meme coin on Base, benchmarking against TRUMP and promising airdrops to TRUMP loss addresses, while packaging it as anti-fraud with a predictive market destruction mechanism. The market makers only provided a few thousand dollars in liquidity at the opening, allowing any medium-sized buy order to push the price to three digits, disconnecting the screen market cap from actual investment. He later admitted the issuance was terrible and demanded the opposing party disclose the team’s selling address, effectively shifting the narrative from "family cashing out" back to "please identify UTXO."
The capital path is a thinning pool of attention. The 30% founder allocation is time-locked, making it impossible to explain as team selling in the short term; the real million-dollar profits taken in the first hour were from external snipers. The fake market created larger reported transactions before and after the real contract appeared, indicating that most trading demand for this name occurred in the fake market. The cash flow of political celebrity coins does not come from products, but from information asymmetry in the first few minutes after opening.
A similar structure is seen with TRUMP and MELANIA: the peak is created by thin liquidity and bots, and then the locked positions and circulating supply determine who can cash out. The current stage is a questioning period for celebrity coins, transitioning from "issuance harmonizes narrative" to "must verify on-chain selling." Locking protects founders from carpet accusations but does not protect buyers from a 99% retracement; only those who can identify the pool's address two minutes before the opening are the price setters for this issuance.
The structural judgment indicates a transfer of pricing power. Pricing power shifts from issuance narrative to liquidity thickness. The mechanism is: when market maker depth is only in the four-digit dollar range, the market cap is an illusion; locking prevents the team from selling at the illusion's peak, and the illusion is harvested by external bots. Requiring public wallets pulls the "eight-figure profit" from media estimates back to verifiable authorization and transfers.
ABAB News · Cognitive Law
- Market cap on a thin pool is a screen number, not cash.
- Locking can block carpet accusations but cannot prevent opening harvesting.
- To prove team cashing out, first put the address on-chain.