Hunter Biden's meme coin sinks soon after launch
Hunter Biden's meme coin $LAPTOP lost most of its value within minutes of its launch, prompting accusations of a cryptocurrency rug pull.$LAPTOP debuted on Wednesday, climbing to as high as $199.5 per token, before crashing to about 87 cents."The initial LAPTOP pool launched at $0.05 per token into significant demand, making it a target for predatory sniper bots, which are automated programs that target cheap tokens in trading pools," the team behind the meme coin posted on Medium.It noted that initial liquidity was insufficient to meet this demand, resulting in "a sharp price spike up and down before liquidity could catch up.""You should not expect us or anyone else to make this token more valuable for you," the team added.Biden clarified that the team's allocation is locked. "Nobody on our side sold, and nobody could have. I, personally, have not made a single dollar," he posted on X, rejecting allegations of a rug pull.The meme coin's name is a reference to Biden's laptop controversy in the lead-up to the 2020 presidential election.$LAPTOP's crash echoes that of President Donald Trump's own meme coin (), which lost 97% of its value since it launched last year. Melania Trump's meme coin () also lost almost all its value since its debut.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.