"I am in this to the end 100%, and I promise you that we’re gonna make it right."
The meme coin was named after the controversial Biden laptop from the 2020 presidential campaign, when the laptop was dropped off at a repair shop in Delaware in 2019. The device contained thousands of emails detailing Biden’s business dealings, as well as photographs documenting his drug use and other promiscuous behavior.
On Friday, Biden posted a video on social media addressing what had happened, saying the problem began Wednesday when its market maker supplied less liquidity than was needed to meet demand.
“There was a f*ck up. The f*ck-up occurred in the first 30 seconds of launching the coin, in which the market maker, for some unknown goddamn reason, only put in $5,000 of liquidity,” Biden said. “And the demand was through the roof.”
Before the coin crashed, its price surged from $2.39 to $316 per token for 1 billion tokens. Biden said the value at one point was “larger than the market cap of f*ckin’ goddamn BlackRock,” whose market capitalization is more than $175 billion.
According to the New York Post, one trader turned $250,000 into $1.18 million in just minutes. Meanwhile, most traders suffered losses, with roughly 80 percent of those who bought on launch day losing money. Biden said he and his partners did not make any money from the project.
“I was intimately involved in every single discussion, every single step of the way in creating the tokenomics, in creating the way in which the coin would be presented,” he said. “At the end of the day, it’s my responsibility, and there was a f*ck up.”
"I am in this to the end 100%, and I promise you that we’re gonna make it right," he continued. "This isn’t some bullsh*t- f*ck-ing celebrity token where I get on Twitter and say, 'Oh, I didn’t know about this, and, you know, I’m really sorry.’”
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