Hunter Biden wants you to know that his new memecoin's spectacular collapse was not his fault. The blockchain, however, has a different story to tell.

Biden addressed the controversy over the launch of his Laptop (LAPTOP) memecoin, which crashed 98% within an hour of going live on Wednesday.

Hunter Biden Is 'Ignoring the Noise'

In an X post, Biden attributed the initial price spike and subsequent fall to technical issues and 'predatory snipers' who tried to outpace liquidity providers. He also refuted claims of a 'rug pull' or any involvement in the price manipulation.

'The team's allocation is locked. Nobody on our side sold, and nobody could have. I, personally, have not made a single dollar,' said the son of former President Joe Biden.

Biden criticized legacy news and 'social media trolls' for 'spinning realities to fit their own narrative.'

'I'm going to keep doing what I do best: ignoring the noise and reclaiming the narrative,' he added.

Blockchain Data Contradicts Biden's Claims

LAPTOP opened on Base, a Layer-2 blockchain developed by Coinbase (COIN), briefly hitting $190 in the first two minutes before collapsing to $3.70 within the hour.

On-chain data attributed the price collapse to insider distribution rather than ordinary selling. A wallet labeled as a Laptop Token address received 100 million tokens, roughly 10% of the total supply, seven days before launch, and then sold 42.5 million of them into the market.

Blockchain analytics platform Bubblemaps labeled the launch as a 'bloodbath,' with 80% of traders losing their money.

Eric Trump Has a Laugh

World Liberty Financial (WLFI) co-founder Eric Trump, meanwhile, took a dig at the fiasco, saying, 'Hunter should go back to painting…'

It's worth recalling that the official memecoins launched by President Donald Trump and First Lady Melania Trump met the same fate last year. Official Trump (CRYPTO: TRUMP) is down 97% from its post-launch highs.

Hunter Biden launched the memecoin, invoking the controversy surrounding his personal laptop recovered in 2020. He framed the memecoin as a symbol of resilience, redemption, and recovery.

Hunter Biden said that 20% of LAPTOP supply would be airdropped to wallets that lost money on the TRUMP memecoin.

Price Action: At the time of writing, LAPTOP was exchanging hands at $0.8677, down 97.66% in the last 24 hours, according to data from CoinMarketCap.