Hunter Biden is gearing up to launch a new meme coin called LAPTOP on Coinbase-developed Base on September 9th, with a total supply of 1 billion tokens. The coin’s name is derived from the laptop controversy that made headlines during the 2020 U.S. presidential election. According to a report by the Wall Street Journal, Hunter Biden, the son of former President Joe Biden, is part of the founding team behind this project.
The distribution model for LAPTOP includes 30% of the total supply being reserved for the founding team. This allocation will be locked for six months and gradually unlocked over a two-year period. Additionally, 20% of the supply will be distributed through two rounds of airdrops, with eligibility extended to individuals who lost money trading Donald Trump’s TRUMP meme coin. This includes Hunter Biden’s Substack subscribers, friends, and individuals on a mailing list maintained by video journalist Andrew Callaghan.
The decision to allocate tokens to TRUMP investors places LAPTOP directly in the political meme coin market that emerged after Donald Trump’s foray into the sector. TRUMP experienced a price rally followed by a significant decline, resulting in substantial losses for many retail holders. The new LAPTOP project aims to target these TRUMP holders through its airdrop initiative.
In addition to the founder allocation and airdrop pool, 20% of the LAPTOP supply is earmarked for charitable donations, liquidity, and distributions to exchange partners and market makers. The remaining portion of the token structure is tied to a unique burn system based on 30 predetermined events. Up to 30% of LAPTOP’s supply could be permanently destroyed if specific conditions, such as a Democratic victory in the 2028 U.S. presidential election, are met within their assigned time limits.
Hunter Biden’s increased involvement in cryptocurrency and public commentary on Trump-linked crypto ventures have garnered attention. The launch of LAPTOP comes amidst ongoing scrutiny over the financial implications of Trump’s digital asset businesses and investor losses. The regulatory debate surrounding TRUMP has led to calls for investigations and potential legislative action to address the ethical considerations of government officials benefiting from digital asset ventures.
LAPTOP is set to begin trading on Base on September 9th, with its supply divided among various stakeholders and operational uses. The coin’s structure is intricately linked to political and crypto market events, reflecting the evolving landscape of meme coins and their impact on the broader cryptocurrency industry.