Hunter Biden responded on Sept. 10 to the steep volatility in meme coin LAPTOP after trading began, saying the public narrative around the token’s drop does not reflect what actually happened.
According to his statement, LAPTOP saw violent price swings in its first few hours of trading. He said headlines had converged on a familiar line — that the token fell 99% and that the story fit a broader political narrative — but added that this was "far from the truth."
Hunter Biden says low liquidity, technical issues, and snipers drove the move
Biden said the available liquidity at launch was nowhere near enough to absorb the level of attention the token received. He also pointed to technical problems and predatory "snipers" that tried to get in before liquidity providers, saying those factors sent the price sharply higher before it fell back to what he described as a healthier level.
He said the team allocation is locked, that nobody sold, and that he personally "didn’t make a dime" from the token.
Team says it will work on liquidity and stay engaged with the community
Biden said he is used to what he described as distortions from traditional media and social media users pursuing their own narratives. He also said the token’s fully diluted valuation remains above $1 billion.
He added that the team is actively looking for the best approach to improve liquidity and will continue engaging with the community. In his words, the project is not close to being over, and the official effort has been built from the start as a long-term contest over narrative. He said he will continue to ignore the noise and try to take back that narrative.
GMGN data shows a peak above $300 billion in FDV
GMGN data cited in the report shows that within nearly 12 hours of launch, LAPTOP’s fully diluted valuation climbed to more than $300 billion at its peak, then dropped to as low as $1.2 billion. It was later quoted at $1.8 billion, down about 99.4% from the top.