Hunter Biden has rejected claims that he profited from his “LAPTOP” memecoin after its launch triggered an early selloff and widespread accusations of a “rug pull.” In an X post Wednesday, Biden said neither he nor anyone on his side sold tokens, adding that he “personally” has not earned money from the project.
The token initially traded at about $0.05 at launch, but it later experienced a sharp drop in the first hour, losing more than 95% in value according to social media reports. At the time of writing, CoinGecko data showed LAPTOP trading around $0.8562.
Key takeaways
- Biden denied any token sales, saying his team’s allocation is “locked,” and claimed he has not made a single dollar from LAPTOP.
- The project pointed to liquidity shortfalls and fast “snipers” (trading bots) as drivers of the early price crash.
- In a public community update, the LAPTOP team said it had no presale and published contract details, allocations, an audit, and a white paper before trading began.
- Project disclosures describe founder allocations, vesting, prediction-linked burns, and reserves earmarked for losses tied to a separate TRUMP memecoin and subscribers to Biden’s “Where’s Hunter” Substack.
- Nansen tracking shared with Cointelegraph reported large unrealized losses across selected wallets and ongoing liquidity activity, while Bubblemaps flagged that many top-holder wallets appear to be “fresh.”
Biden rejects “rug pull” accusations
After launch day volatility fueled accusations from X users, Hunter Biden responded directly to the allegations. He said the “team’s allocation is locked” and insisted that “nobody on our side sold,” adding that “nobody could have.” Biden further claimed, “I, personally, have not made a single dollar.”
In his explanation for the price action, Biden pointed to two factors: insufficient liquidity and activity from “snipers.” In crypto market structure, snipers are typically automated bots that attempt to buy rapidly at launch, often worsening early slippage and contributing to sharp price swings when available liquidity can’t match demand.
Cointelegraph reported that Biden did not respond to its request for comment.
What the LAPTOP team says happened at launch
Alongside Biden’s denial, the LAPTOP project pushed back against the “stealth” narrative in a community update posted to Medium. The team claimed it had no token presale and did not allocate tokens to investors or influencers ahead of time. According to the post, relevant information—such as the contract address, token allocations, a Hacken security audit, and a white paper—was published before trading began.
The project said there was “no stealth deployment, no hidden supply, and no surprise to benefit insiders,” arguing that the early market behavior was primarily an execution problem rather than insider profiteering.
Specifically, the team said the initial liquidity pool began at $0.05 per token, but the market maker’s liquidity was insufficient to meet demand when trading opened—allowing rapid buying pressure from automated traders to drive volatility.
To address liquidity and ongoing incentives, the team announced plans to deploy 4 million tokens (0.4% of the total supply) as liquidity incentives for Aerodrome pools starting at midnight UTC on Thursday. It also said it would burn 10 million tokens within the first week of launch through its predictions program, describing that as equivalent to 1% of the original total supply.
Disclosures outline allocations, burns, and reserves
The project’s disclosures, published via a document hosted at laptoptoken.com/disclosures.pdf, provide the clearest view of how supply is intended to be distributed and how certain mechanisms are expected to work.
According to those disclosures, founders are allocated 300 million tokens—30% of the 1 billion token total. The document says those founder tokens are locked for six months, then vest monthly over a subsequent 24-month period.
A further 30% allocation is tied to predictions related to political, cultural, and crypto events. The disclosures state that when specific outcomes occur, tokens are burned; if the specified conditions are not met, tokens are allocated to charity. The document also indicates that prediction-related burns affect unvested tokens.
The remaining reserved portions described in the disclosures include 2% set aside for wallets that lost money on the TRUMP memecoin and 8% for eligible subscribers to Biden’s “Where’s Hunter” Substack newsletter. Additionally, it reserves 10% for future airdrops at the foundation’s discretion.
Wallet analytics: large unrealized losses and “fresh” holders
While the debate centers on whether insiders sold, blockchain analytics help map what traders actually did during the earliest trading window. Nansen data shared with Cointelegraph on Thursday analyzed five selected LAPTOP wallets.
That snapshot reported one LAPTOP wallet with an unrealized loss of $117,800 and another with an unrealized paper loss of $12,300. At the same time, two other wallets showed unrealized gains of $13,100 and $1,800. Cointelegraph noted that none of those four addresses had sold LAPTOP at the time of the snapshot.
Nansen also tracked broader activity during the 24-hour period covered by its data: 46,675 buy transactions and 16,038 sell transactions among 20,085 unique buyers and 8,714 unique sellers.
Separately, blockchain analytics firm Bubblemaps raised attention to holder behavior in a post on X Wednesday. It said 60% of LAPTOP’s top-holder wallets had no prior activity. In a follow-up, Bubblemaps defined “fresh” wallets as those funded within the previous 10 days, adding that most appear to have been funded on launch day.
Taken together, these on-chain observations suggest a market dominated by new participants rather than long-standing holders—consistent with a launch-driven memecoin environment, though they do not by themselves confirm who traded or whether allocations were sold.
As liquidity incentives, predicted burns, and vesting schedules move from announcement into execution, the next key signals for investors and traders will be whether early buyers continue to unwind positions, how liquidity providers respond on Aerodrome pools, and whether wallet-level movement aligns with claims that no insider selling occurred.
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