Hunter Biden, 56, launched a cryptocurrency meme coin called “LAPTOP” on Wednesday. The coin’s full diluted valuation quickly surged to $144 billion before crashing almost immediately, losing about 98.8% of its value in just a few short hours.
The former president’s son promoted the coin Monday with a video compilation of news clips reporting the infamous laptop he had left at a computer repair shop and was later obtained by media and federal agents.
In a post Tuesday, Biden wrote: “The symbol they used to try to end me is now a symbol of resilience, redemption, and recovery.”
The coin’s rapid rise and subsequent crash appeared to follow the pattern of a classic “pump and dump” scheme, where creators and insiders sell shares near maximum valuation, leading many investors to lose nearly all their money. Meme coins are often criticized for making outsized promises to promoters but leaving them holding the bag after “rug pulling” investors.
President Donald Trump’s son Eric Trump mocked Biden after reports of the crash: “Hunter should go back to painting.”
Economic expert Carol Roth noted that Hunter Biden knows how to make something out of nothing—especially when his previously lucrative board memberships and painting career are no longer as robust. She also criticized meme coins, stating they represent a growing trend of get-rich-quick activities that prioritize quick profits over genuine investment.
Both President Donald Trump and first lady Melania Trump have launched meme coins that similarly surged in value before collapsing.
Biden has since denied allegations that he was taken in by a crypto-scheme, claiming there was a mix-up but asserting his “intimate” involvement in the coin’s creation and that it still had future prospects.
An analysis found that an account purchased $250,000 worth of Hunter’s meme coin, waited eight minutes while it skyrocketed, then dumped for nearly $1 million profit.
