Hunter Biden’s Laptop (LAPTOP) posted double-digit gains on Thursday, offering some relief to an otherwise struggling cryptocurrency.
LAPTOP Leaves Big Boys Behind
LAPTOP jumped nearly 13% over the last 24 hours, comprehensively beating cryptocurrency heavyweights including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE).
There was no news or obvious bullish catalyst behind the move at the time of writing.
A Harrowing Start for LAPTOP
LAPTOP remains under heavy selling pressure and is down more than 99% from its all-time highs.
Launched on Coinbase Global Inc.‘s (NASDAQ: COIN) Base blockchain, the token experienced a rapid price spike followed by a steep decline. On-chain data attributed the collapse to insider distribution rather than normal selling.
Its market capitalization has collapsed from a peak of $50 billion to just $26 million as of this writing.
Biden’s Experiment
Biden launched the memecoin, invoking the controversy surrounding his personal laptop recovered in 2020. He framed the memecoin as a symbol of resilience, redemption, and recovery.
He refuted claims of a “rug pull” or any involvement in price manipulation, blaming legacy news and “social media trolls” for distorting the narrative.
Interestingly, Biden said that 20% of LAPTOP supply would be airdropped to wallets, including those that lost money on the Official Trump (CRYPTO: TRUMP) memecoin.
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