Washington DC - Hunter Biden's new cryptocurrency token – themed around his notorious laptop – lost more than 95% of its value within hours of launch.

Launched on Wednesday morning, Biden's new "$LAPTOP" memecoin initially started trading at $37.26 but jumped to a high of $222.75 within a few minutes. According to CoinMarketCap, however, by midafternoon the cryptocurrency plummeted to a value of $1.34.

The value represents a more than 95% drop in value for "$LAPTOP," a currency Biden had only announced the day before partially as a troll of President Donald Trump's memecoin "grift."

"$LAPTOP" was named in reference to the contents of a laptop owned by Biden that was discovered in 2020 and released publicly, fueling numerous conspiracy theories.

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Biden had pitched the coin as a way to make charitable donations, and even pledged to provide 20% of its supply to people who had lost money on the president's "$TRUMP" token.

Trump made at least $636 million from sales of his own memecoin, according to financial disclosures. It's unclear how and whether Biden will make money from his adventure into cryptocurrency.

In response to media reports, as well as criticism from pundits who accused him of hypocrisy, Biden dropped and lenthy post on X explaining what happened with "$LAPTOP" and accusing the media of inaccurate reporting.

"As you may have seen, the LAPTOP memecoin saw a sharp swing in token price during its first hours of trading," Biden wrote on X. "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 said.