Hunter Biden Says $LAPTOP Memecoin Still Has Significant Value Despite 99.5% Collapse

Hunter Biden has defended his controversial $LAPTOP memecoin after the token collapsed dramatically shortly after launch, arguing that the project still has significant value and that its structure differs from other celebrity-backed cryptocurrencies.

Speaking during an interview on the ‘Soul Boom’ YouTube channel hosted by Rainn Wilson on Sunday, Biden rejected the suggestion that $LAPTOP had simply failed. He said the token still existed and put its fully diluted valuation (FDV) at around $252 million.

“So, number one, it hasn’t completely crashed and burned. So, it still exists,” Biden said. “It still has significant value that’s left in it.”

The comments came after $LAPTOP experienced an extraordinary spike and subsequent collapse during its launch. Biden said the token initially moved from a $50 million valuation to $23 billion following relatively small purchases, before briefly reaching a market capitalization of about $316 billion.

According to Biden, the extreme move was caused by insufficient liquidity provided by the market maker. He said the token subsequently fell 99.5% within minutes before settling into regular trading.

Moreover, Biden disputed the characterization of the project as a typical celebrity memecoin. He said insiders retained 30% of the token supply for liquidity, with restrictions preventing those tokens from being withdrawn for a period of time. He also said 20% of the supply was intended for distribution to the community, while a portion would support charitable causes.

Notably, the token was launched on Base September 9 with a total supply of 1 billion coins. The project was linked to Biden’s name and the laptop controversy surrounding him, while its tokenomics included allocations for founders, community distributions, and potential token burns under specified conditions.

Biden acknowledged that investors lost money during the chaotic launch. He said he intended to publish details of the wallets that traded the token so that the project’s activity could be examined transparently.

“I will literally show completely transparently every single wallet that traded on it to make it clear that no one that has any control over this coin has made any money in it. and anybody that lost money in it, I’m going to be able to identify and hopefully make right.” He stated.

He claimed that around 95% of the initial trading activity came from automated “snipers,” not human investors. Biden said he wanted to identify people who genuinely lost money and potentially make them whole.

That said, despite the collapse, Biden maintained that the project could still achieve its original objectives. He said he accepts responsibility for the decisions surrounding $LAPTOP and intends to disclose its trading activity through an independent third party.

“I’m absolutely certain that the coin itself still has the ability to do what I set out and the intention that I had for it,” Biden added.

At press time, LAPTOP was trading at $0.08215, down 1.73% over the past 24 hours and 99.98% below its all-time high of $401.