Hunter Biden's LAPTOP Falls 99% In Three Hours To TRUMP's Valuation

Hunter Biden's LAPTOP memecoin lost 99% of its value in the three hours after it began trading on Base on Wednesday morning, and now changes hands at roughly the same price as TRUMP, the token issued in President Trump's name three days before his second inauguration.

The two tokens have identical one billion total supplies, so their prices are directly comparable as valuations. TRUMP took twelve months to fall to $2.16 from $8.68. LAPTOP got there in about three hours.

99% Fall

Trading opened 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 at $225.06 on the Uniswap V4 pool, the two deepest of six venues. By the 15:20 UTC bucket the Aerodrome price was $1.90, a 99.23% fall. The two pools tracked each other within a few percent the whole way down.

The Aerodrome pool turned over $13.4 million in those three hours and the Uniswap V4 pool $11.3 million. Aerodrome's liquidity fell to $691,488 by 15:25 UTC from $1.4 million forty minutes earlier.

Each pool's opening bucket also carries a nonsense high, $6,952,613.95 on Aerodrome and $56,632.62 on Uniswap V4, struck against near-zero liquidity at initialization. Neither is a price anyone could trade.

Both Near Two Billion

At 15:25 UTC, LAPTOP traded at $1.93 on a $678.4 million market capitalization, according to CoinGecko, with the Aerodrome pool marking a $2.00 billion fully diluted valuation. TRUMP traded at $2.16, down 4.6% on the day, on a $591.1 million market capitalization and 273.1 million of a one billion total supply, according to CoinGecko, for a $2.16 billion fully diluted valuation.

LAPTOP's market capitalization is the larger of the two because more of its supply circulates: 350 million tokens unlocked at generation against TRUMP's 273.1 million after twenty months of vesting. TRUMP's record was $73.43, set Jan. 19, 2025, two days after launch.

Holders of LAPTOP passed 25,400 on BaseScan and climbed by the minute as airdrop claims settled.

Thirty Percent Rides On Predictions

Biden's team wrote the TRUMP comparison into the token. One of the 30 real-world outcomes tied to LAPTOP's supply asks whether LAPTOP's fully diluted valuation will exceed TRUMP's, with 1.25% of supply on it, and the project's site shows no live market for the question and a Sept. 9, 2029 resolution date. Thirty percent of supply is committed to the mechanism: tokens burn when a prediction comes true and go to charity when it does not.

The list runs 12 political questions, six on crypto, five on culture and seven on LAPTOP itself, with markets hosted on Kalshi and Polymarket. The largest single allocation, 3% of supply, is tied to whether Trump is impeached during his term, priced at 68% on the linked market. 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% with no live market attached. The burn counter and the charity counter both read zero.

Founders Take Thirty Percent

The published allocation differs from the tokenomics The Wall Street Journal reported before launch and The Defiant covered on Monday. The site now 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 had 20% covering liquidity, exchange listings and legal costs, and up to 30% earmarked for event-triggered burns.

Thirty-five percent of supply, or 350 million tokens, unlocked at generation. Full unlock takes 36 months.

Email Your Way In

The claim page asks for an email address rather than a wallet signature, then creates a wallet for the claimant. Eligibility for the first round covers Biden's Substack subscribers, a mailing list kept by video journalist Andrew Callaghan and wallets holding losses on TRUMP, according to the Journal's pre-launch report. Unclaimed tokens burn after 30 days.

The contract, at 0xB095274743941e953c746F9C228DA9c18Bb6ec29, is a LayerZero omnichain token named LaptopOFT, which lets the supply move to other networks. BaseScan flags that the token's displayed name does not match the name its contract returns. The site lists a Hacken audit.

Biden set out his own case for the token in a post at 6:14 p.m. ET Tuesday, 14 hours before trading opened, that 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 could not verify the figure.

Copycats Down 83%

The largest of the pre-launch imitations, a Robinhood Chain token at 0x76Ed1E that took $5.43 million of volume in a single pool within an hour of the Journal's story on Monday, fell 83.48% over 24 hours to a $1.9 million fully diluted valuation, with $63,606 of liquidity left across 31 pools after $3.34 million of volume. Other tokens trading as LAPTOP showed 24-hour losses as steep as 100% on GeckoTerminal's Base and Robinhood Chain lists.

Base settled $1.076 billion of DEX volume over 24 hours on $5.67 billion of total value locked, according to DefiLlama. Volume on the network was $567.2 million on Monday. The chain processed 10.53 million transactions and 339,115 active addresses over the same day, and collected $140,175 in chain fees.