LAPTOP, a memecoin linked to Hunter Biden, lost 99% of its value within three hours of beginning trade on Base on Wednesday morning and now trades at roughly the same price as TRUMP, the token issued in President Trump’s name three days before his second inauguration.
The two tokens each have a total supply of 1 billion, which makes their prices directly comparable as valuations. TRUMP took 12 months to fall from $8.68 to $2.16. LAPTOP reached that range in about three hours.
A 99% drop in the first three hours
Trading began at 12:00 UTC, or 8:00 a.m. ET. LAPTOP’s first five-minute bucket closed at $247.55 on the Aerodrome Slipstream pool and $225.06 on the Uniswap V4 pool, the two deepest venues among six. By the 15:20 UTC bucket, the Aerodrome price had fallen to $1.90, a 99.23% decline. The two pools stayed within a few percentage points of each other through the selloff.
The Aerodrome pool recorded $13.4 million in turnover during those three hours, while Uniswap V4 handled $11.3 million. Aerodrome liquidity fell to $691,488 by 15:25 UTC from $1.4 million 40 minutes earlier.
Both pools also showed absurd opening highs: $6,952,613.95 on Aerodrome and $56,632.62 on Uniswap V4. Those prints occurred against near-zero liquidity during initialization and did not represent prices anyone could actually trade.
Both tokens sit near a $2 billion fully diluted valuation
At 15:25 UTC, CoinGecko data cited by The Defiant showed LAPTOP at $1.93 with a $678.4 million market capitalization, while the Aerodrome pool implied a $2.00 billion fully diluted valuation. TRUMP traded at $2.16, down 4.6% on the day, with a $591.1 million market capitalization and 273.1 million tokens in circulation out of a 1 billion total supply. That put TRUMP’s fully diluted valuation at $2.16 billion.
LAPTOP’s market capitalization was higher because more of its supply was circulating: 350 million tokens were unlocked at generation, versus TRUMP’s 273.1 million after 20 months of vesting. TRUMP’s record price was $73.43 on Jan. 19, 2025, two days after launch.
BaseScan showed LAPTOP had more than 25,400 holders, and that number was rising minute by minute as airdrop claims settled.
Thirty percent of supply is tied to prediction outcomes
Biden’s team built the TRUMP comparison directly into the token structure. One of the 30 real-world outcomes attached to LAPTOP’s supply asks whether LAPTOP’s fully diluted valuation will exceed TRUMP’s. That question carries 1.25% of supply. The project site shows no live market for it and lists a Sept. 9, 2029 resolution date.
Thirty percent of total supply is committed to this mechanism. Tokens are burned when a prediction comes true and sent to charity when it does not.
The list includes 12 political questions, six crypto questions, five culture questions, and seven about LAPTOP itself, with markets hosted on Kalshi and Polymarket. The largest single allocation, 3% of supply, is tied to whether Trump will be impeached during his term, with the linked market priced at 68%. Democrats winning the House in 2026 carries 2.75% at 86%. The 2026 Nobel Peace Prize going to someone other than Trump carries 2.5% at 98%. Bitcoin setting a record carries 1%, though no live market is attached. The burn counter and charity counter both read zero.
Published allocation differs from pre-launch reporting
The allocation now published on the website differs from the tokenomics reported by The Wall Street Journal before launch and covered by The Defiant on Monday. The site currently lists 30% to founders, 30% to predictions, 10% to a day-one airdrop, 10% to a future airdrop, 10% to liquidity, 5% to a foundation treasury, and 5% to charity.
The Journal’s pre-launch account said 20% would cover liquidity, exchange listings, and legal costs, with as much as 30% set aside for event-triggered burns.
Thirty-five percent of supply, or 350 million tokens, unlocked at generation. Full unlock takes 36 months.
Email-based claims and an omnichain contract
The claim page asks users for an email address rather than a wallet signature, then creates a wallet for the claimant. According to The Wall Street Journal’s pre-launch report, eligibility for the first round includes Biden’s Substack subscribers, a mailing list maintained by video journalist Andrew Callaghan, and wallets that lost money on TRUMP. Unclaimed tokens burn after 30 days.
The contract address is 0xB095274743941e953c746F9C228DA9c18Bb6ec29. The contract is a LayerZero omnichain token named LaptopOFT, which allows supply to move to other networks. BaseScan flags that the token’s displayed name does not match the name returned by the contract. The project site lists a Hacken audit.
Biden told users not to expect price support
Biden made his own case for the token in a post at 6:14 p.m. ET on Tuesday, 14 hours before trading opened. The post has drawn 3.4 million views.
“You should not expect me or anyone else to make this token more valuable for you,” he wrote. He also wrote that “nearly one million wallets have collectively lost ~$3.8B” on TRUMP, without citing a source. The Defiant said it could not verify that figure.
Pre-launch copycats also fell sharply
The largest pre-launch imitation was a Robinhood Chain token at 0x76Ed1E. The Defiant said it took $5.43 million of volume in a single pool within an hour of The Wall Street Journal’s story on Monday. Over the next 24 hours, that token fell 83.48% to a $1.9 million fully diluted valuation, with $63,606 of liquidity left across 31 pools after $3.34 million in volume.
Other tokens trading under the LAPTOP name showed 24-hour losses as deep as 100% on GeckoTerminal’s Base and Robinhood Chain lists.
Base DEX volume topped $1.076 billion in 24 hours
According to DefiLlama data cited by The Defiant, Base settled $1.076 billion in DEX volume over 24 hours on $5.67 billion in total value locked. Volume on Monday was $567.2 million.
Over the same day, the chain processed 10.53 million transactions and 339,115 active addresses, while collecting $140,175 in chain fees.