Hunter Biden’s recently launched meme coin has rallied 21.11% in the day following a comprehensive forensic report on the recent 99% crash.
Notably, the son of former US President Joe Biden launched the LAPTOP meme coin as a form of retaliation against President Donald Trump’s TRUMP meme coin and his politics.
However, shortly after launch, LAPTOP plummeted by a staggering 99% – something Hunter promised to look into.
To curb doubt of a “celebrity rug,” his team hired the independent digital and blockchain forensic investigators, Groom Lake. The latter have built a grand reputation for successfully thwarting a Lazarus Group DeFi heist.
LAPTOP crash forensic analysis
First and foremost, the founding members’ tokens still sit in a single address, and none of them have cashed out since launch.
Secondly, Hunter largely blamed the token’s value drop on a trusted “Market Maker 1.” The entity only placed $5,200 of the agreed-upon $500,000 into the liquidity pool. This means the pool opened with about 30,000 coins (0.003% of its 1 billion supply), making it “1,000x easier to push the price up than to get out.”
Eventually, the market maker withdrew from the pool with a $686,000 gain, while the second market maker made $2.1 million in DEX trading.
Here, Biden calls on the unnamed market maker to buy up and burn tokens. He adds that his tokens remained locked up for 6 months and vest over two years.
For now, the team is planning a burn of the unclaimed tokens from the first airdrop.
Community reaction
Most of the crypto community continues to criticize Hunter’s token, likening it to other failed influencer tokens.
PolitiFi tokens
LAPTOP has posted gains in the last day amid a broader crypto market downturn. Now among the top 5 PolitiFi tokens, LAPTOP faces highly speculative upcoming performance as the US midterm elections near.