Hunter Biden’s LAPTOP Memecoin Burns Part of Supply After Democrats’ Midterm Victory — But It Still Fell 26%
Hunter Biden revealed on Monday that his LAPTOP memecoin burned a significant portion of its supply after Democrats swept last week’s midterm elections.LAPTOP Gets Intertwined With MidtermsBiden said on X that fulfilled two of the 30 real-world predictions written into the token at launch. As a result, 5.5% of the total token supply was removed from circulation, raising the overall burn rate to 17.65%.As part of the token’s prediction mechanism, triggered by specific world events.If the outcome does not resolve as specified, that proportionate share of tokens is redirected to charity instead of being burned.Previously, the Philadelphia Eagles’ NFL regular-season opening win triggered a similar burn of 0.5% of LAPTOP’s supply, worth roughly $1.1 million.As of this writing, LAPTOP has a total supply of 823.546 million, of which 171.04 million are currently in circulation, according to CoinGecko.Democrats took the House and the Senate.Those were two of the 30 real-world predictions we wrote into at launch. True: its tokens burn forever. False: they go to charity.Both came true. 5.5% of supply burned. 17.65% total.Follow the token: LAPTOP Plunges 26% Despite Token BurnBiden launched the memecoin, invoking the controversy surrounding his personal laptop recovered in 2020. He framed the memecoin as a .Launched on Coinbase Global Inc.‘s ) Base blockchain, the token experienced a rapid price spike followed by a steep decline. On-chain data attributed the collapse to insider distribution rather than normal selling.Biden refuted claims of a "rug pull" or any involvement in price manipulation, blaming legacy news and "social media trolls" for distorting the narrative.Price Action: At the time of writing, LAPTOP exchanged hands at $0.02383, down 26% in the last 24 hours, according to CoinGecko. The coin eroded 65% of its value over the last month.This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Preview Image via Shutterstock