Former President Joe Biden’s son, Hunter Biden, is preparing to roll out a memecoin, a novelty form of cryptocurrency that is typically based on a famous person or meme that has no intrinsic purpose, but can acquire value based on social media hype. In a post on Monday, the younger Biden shared a video that repeatedly referenced “laptop,” an apparent nod to the controversy surrounding his computer during the 2020 campaign. The token will trade under the ticker, $LAPTOP, and is set to launch Sept. 9.
The Wall Street Journal first reported the news. The token will trade on Base, the network built by cryptocurrency exchange Coinbase, with a supply of 1 billion. The Journal also reported that the founders, including Biden, will hold 30% of the token’s supply, which will be locked for six months.
