Following reports that Hunter Biden, son of former US President Joe Biden, is preparing to launch a memecoin called LAPTOP, popular memecoins within the Robinhood ecosystem experienced a noticeable decline.
According to market data, the news that Hunter Biden will launch a memecoin called LAPTOP, inspired by the “laptop incident” of 2020, may have increased selling pressure on existing memecoins due to the expectation that investor interest could shift to the new token.
PONS, one of the prominent memecoins in the Robinhood ecosystem, lost approximately 9 percent of its value following the news, dropping its market capitalization to $726 million.
CASHCAT, meanwhile, experienced a decline of approximately 10 percent during the same period, dropping to a market capitalization of $190 million. The AI token also lost over 10 percent of its value, with its market capitalization falling to $179 million.
MEME, which experienced the most severe selling pressure, saw a drop of over 20%, bringing its market capitalization down to $91 million. Microduck, on the other hand, was one of the sharpest-declining tokens on the list, with a loss exceeding 25%, dropping its market capitalization to approximately $17 million.
Market activity suggests that LAPTOP has already attracted the attention of memecoin investors even before its official launch. Hunter Biden’s token is scheduled to launch on September 9th on the Base network developed by Coinbase.
*This is not investment advice.