Hunter Biden said his LAPTOP memecoin was built with tokenomics that run opposite to those of the Trump family’s memecoins, saying the goal was to show that this kind of project can be done “the right way.”
Speaking on the Unchained Podcast on Wednesday, Biden said insiders receive 30% of LAPTOP’s supply, compared with what he described as 80% for the Trump tokens. He added that half of LAPTOP goes to the community.
“Look at the blockchain. All you have to do to see if it was a scam on my part is look,” Biden said. He also said, “The founder tokens have never moved and are not going to move,” and added that “not a single dollar has come out of the foundation into the pockets of any of the insiders.” According to Biden, the only insiders are himself and two other Americans.
Founder allocation and Base wallets
According to Base blockchain data reviewed by Unchained, two Base wallets were each funded with 300 million LAPTOP before launch.
That matches two allocations listed in the project’s disclosures: the founders’ share and a predictions pool. The disclosures say tokens in the predictions pool are burned when certain real-world predictions come true.
Unchained said it could not confirm which wallet holds which allocation or who controls the wallets.
One wallet has not moved any tokens. The other has sent 17.5 million tokens, or 1.75% of supply, to a burn address.
The disclosures also say founder tokens are locked for six months after launch and then vest monthly over 24 months.
Launch-day spike and price decline
As Unchained previously reported, LAPTOP has fallen more than 99% from its Sept. 9 launch-day peak on Base. The token traded near $0.079 on Wednesday, above its planned launch price of $0.05.
Biden said one of the token’s three market makers made a major mistake during launch. He said he could not identify the firm because of confidentiality, though the market makers named in the website’s disclosures are G20, GSR and Wintermute.
In Biden’s account, the firm seeded the launch pool with about 29,000 tokens instead of 5 million. He said that caused the token to jump from a $50 million fully diluted valuation to a $317 billion market cap within a minute.
He called that figure “pure fiction” and said the firm has since admitted the mistake internally.
Biden’s account of the launch
Biden said he takes responsibility for the launch whether the problem was the market maker’s fault or not.
He said he should have explained LAPTOP more clearly before launch, so skeptics would not assume it started with someone saying, “Hey, can we slap your name on something and see what happens?”
Instead, he said, he spent an enormous amount of time trying to learn the community while also learning the technology.