On launch day, four out of five investors in Hunter Biden’s new meme coin experienced significant losses as the cryptocurrency tanked. Meanwhile, a mysterious trader managed to turn a $250,000 investment into $1.18 million in just a few minutes, according to sources.
This trader, who prefers to remain anonymous, invested about $250,000 to purchase 9,124 of the $LAPTOP tokens, then sold off 8,480 of them shortly after for approximately $1.18 million, based on an analysis by Datavault AI.
Essentially, that’s a profit of around $930,000, not counting transaction fees.
But many other investors didn’t share that kind of luck.
One individual who invested nearly $200,000 at the token’s brief peak saw their investment plummet to about $2,000 as the value crashed back down, according to Datavault’s findings.
“That’s the tragedy of these coins,” stated Nathaniel Bradley, CEO of Datavault AI, while discussing the situation faced by those who bought $LAPTOP at its unsustainable high prices.
During its volatile debut, the token briefly surged above $300 before plummeting down to a few dollars, erasing more than 99% of its peak value within hours.
Bradley voiced his concerns, saying, “To claim that a laptop coin is worth $300 is, in my opinion, fraudulent.”
He described the event as a textbook example of a “rug pull,” which is essentially a crypto strategy where developers withdraw value or abandon a project, leaving investors with tokens that lose most of their value.
However, there hasn’t been any evidence that Biden or the $LAPTOP project engaged in fraudulent practices, nor has it been shown that Biden sold any tokens during this price drop.
It remains unclear how much money, if any, Biden personally earned from the $LAPTOP launch.
According to the Wall Street Journal, the founders, including Biden, were supposed to receive 30% of the entire one billion token supply. These founder tokens are set to be locked for six months and will become accessible over a two-year span, which means the theoretical value during the token’s brief rise doesn’t necessarily convert into actual cash for Biden.
Bradley indicated that blockchain technology will eventually allow tracing of $LAPTOP transactions to determine how much money was directed to wallets linked to its founders.
“We will be able to see exactly how much,” he commented, though he has not yet completed the necessary analysis to quantify Biden’s financial gain.
The 56-year-old son of Joe Biden launched the $LAPTOP coin this week on Base, a blockchain established by cryptocurrency exchange Coinbase.
“They turned laptop into a weapon. I turned it into a token,” Biden remarked on X prior to the launch.
The token’s name comes from a laptop that became a contentious issue during the 2020 election, particularly after The Post exposed its contents, which included details of Biden’s overseas business activities and images related to his substance use.
The Post has requested comments from Hunter Biden.
