Hunter Biden Should 'Go Back to Painting,' Says Eric Trump as LAPTOP Coin Sinks 98% Soon After Launch

What happened

Hunter Biden's LAPTOP memecoin, a type of cryptocurrency based on an internet joke, crashed 98% in value within an hour of its launch on Wednesday, September 9. Eric Trump commented that Hunter Biden should 'go back to painting.'

Confirmed

Global impact / market context

A rapid 98% drop shows how risky memecoins are, as their prices can collapse quickly. This may make investors more cautious about similar joke-based cryptocurrencies, potentially reducing demand and affecting the broader crypto market's reputation.

Analyst inference

Memecoins like LAPTOP often see extreme price swings, and this crash highlights their speculative nature. The involvement of political figures adds attention, which could influence investor sentiment toward other politically-themed tokens, such as TRUMP, and the wider crypto sector.

Analyst inference

What to watch

1. Watch whether LAPTOP's price recovers or continues to fall after its 98% crash within the first hour, as this will show if any buyers step in. Confirmed
2. Investors should consider setting strict limits on any memecoin purchases, given the high risk of rapid value loss, and only invest money they can afford to lose. Proposed
3. Monitor if regulators or exchanges take action against LAPTOP or similar tokens, as increased scrutiny could reduce the availability of such coins and impact the market. Analyst inference

Affected assets

• BTC — Bitcoin
• ZEC — Zcash
• LAPTOP — Hunter Biden's Laptop
• MEME — Memecoin
• TRUMP — MAGA

Evidence

• benzinga.com