Biden claimed that the “team's allocation is locked. Nobody on our side sold, and nobody could have. I, personally, have not made a single dollar.”
The meme coin, which was called Biden’s $LAPTOP token, was launched earlier this week by the son of former President Joe Biden. The one trader, who operated under a pseudonym, spent enough to get 9,124 of Biden’s meme coins and then sold 8,480 just minutes later for $1.18 million.
The amount of the gain was around $930,000 before costs associated with platforms and taxes.
Others did not get the gain they were hoping for after what some have called a “rug pull.” One buyer bought $200,000 when the meme coin was at its peak. However, the value of the buy went down to about $2,000.
“That’s the tragedy in these coins,” Datavault AI CEO Nathaniel Bradley told reporters at the New York Post. The token had a meteoric rise to $300 on Wednesday before it got wiped out. 99 percent of its trading value was lost in just hours. “To come out and say that a laptop coin is worth $300 is, in my opinion, fraudulent,” Bradley added.
He said that the meme coin launch was a “classic rug pull,” or when a meme coin or other digital currency is launched, and then either the person who launched it or others around them then engage in a huge sell-off after the value has skyrocketed. The massive sell-off usually tanks the value of the digital currency.
The younger Biden, as well as the founders of the coin, were supposed to get 30 percent of the 1 billion tokens in the supply, according to the Wall Street Journal. However, those tokens are reportedly locked in for 6 months.
Biden commented on the “rug pull” allegations and said in a post to X, “As you may have seen, the LAPTOP memecoin saw a sharp swing in token price during its first hours of trading. The headlines are all the same. Token down 99%. Rug pull. Biden Crime Family. The list goes on. This is far from the truth. The reality is that available liquidity could not sustain the strong level of interest at launch. Technical issues coupled with predatory 'snipers', who seek to beat liquidity providers to market, caused a spike in price, which has since stabilized to healthy levels.”
He then claimed that the “team's allocation is locked. Nobody on our side sold, and nobody could have. I, personally, have not made a single dollar.”
The meme coin launch by Biden comes as he has been floated by some as running for president in 2028, even though he has denied and joked about such prospects.
The meme coin was inspired by the laptop that critics called the “laptop from hell” that Biden abandoned at an electronics shop and was later reported on by the Post ahead of the 2020 election, which had messages concerning Biden’s dealings overseas, pictures of him with alleged prostitutes, and other materials that contributed to the controversy around him over the last several years.
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