Hunter Biden lashed out at the press on Wednesday after his newly launched meme coin, cheekily named $LAPTOP in reference to his infamous laptop scandal, collapsed within hours of hitting the market.
The coin soared to a high of $222.75 before cratering roughly 95 percent, bottoming out around $1.86. Rather than own the disaster, the president’s son turned his fire on reporters, accusing “legacy news and social media trolls” of twisting the story to fit a predetermined narrative.
In a lengthy post on X, Biden insisted the wild swing was not a “rug pull” but the result of overwhelming demand outstripping available liquidity, compounded by what he called predatory “snipers” trying to jump ahead of legitimate buyers before the price stabilized.
He claimed his team’s token allocation remains locked and that nobody involved with the project sold off holdings, adding that he personally hasn’t pocketed a single dollar from the venture. Biden touted the coin’s fully diluted valuation at more than $1 billion and vowed his team is working on ways to shore up liquidity going forward.
Notably, Biden’s coin was also designed as a jab at President Donald Trump, with a chunk of the token supply set aside for people who lost money on Trump’s own $TRUMP meme coin. Biden complained that the media was painting that gesture as some kind of failure.
The coin launch followed a Wall Street Journal interview earlier in the week, paired with a video montage stitching together years of media figures and even Trump himself discussing the infamous Biden laptop, the contents of which exposed his foreign business dealings and personal struggles and fueled years of investigations and conspiracy theories.
Trump’s own $TRUMP coin has fared little better long-term, sitting roughly 97 percent below its all-time high, even though it reportedly netted the president $600 million while leaving nearly a million everyday investors with combined losses topping $3.8 billion.
Even CNN, hardly a friendly outlet to Trump world, couldn’t muster much enthusiasm for Biden’s crypto gambit. A senior business reporter for the network warned that while meme coins might be good for a laugh, they remain, in his words, a “really stupid” place to park your money — a rare moment of agreement between Biden’s own coin critics and the media he’s now accusing of bias.
Whether the backlash sticks, Biden made clear he isn’t backing down, framing the episode as part of a long game he intends to keep playing regardless of the headlines.
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