Biden's Son's LAPTOP Burns 5.5% as Conditions Met in U.S. Midterm Elections

Key Points of This Article

• Two predictions for both houses were met, resulting in a 5.5% burn
• The total burn rate, including unclaimed airdrop portions, is 17.65%
• Conditions that were not met will be donated to charity

Predictions Met with Democratic Control of Both Houses

Hunter Biden, the son of former U.S. President Joe Biden, revealed on X on the 10th that he burned 5.5% of the total supply of his meme coin "LAPTOP." In the U.S. midterm elections held on the 3rd, the Democratic Party gained control of both the House and Senate, fulfilling two of the 30 prediction conditions embedded in the token.

He posted, "Both have been realized," explaining that the cumulative burn rate has reached 17.65%. With a total supply of 1 billion tokens, this burn corresponds to 55 million tokens.

Regarding the midterm elections, NBC News predicted that the Democratic Party would secure a majority in both houses, a sentiment echoed by the Associated Press and others. Prior to the elections, the Republican Party held the majority in both the Senate and the House.

30 Predictions to Decide Between Burn or Donation

LAPTOP was issued on September 9 on the Layer 2 network "Base" developed by Coinbase. 30% of the total supply is allocated to 30 real-world events, with corresponding amounts permanently burned if conditions are met, and donated to charity if not met.

The allocation ratio varies by prediction, with the recent House and Senate predictions each accounting for 2.75%. The predictions include impeachment during President Trump's term and a Democratic victory in the 2028 presidential election.

20% of the total supply is allocated for airdrops, with the first batch (10%) targeting holders who incurred losses from President Trump's meme coin "TRUMP" and subscribers to Hunter's newsletter.

Prior to this, five predictions had already been met. In September, four conditions related to mentions by Eric Trump and digital artist Beeple accounted for a total of 1.75%, and in October, 2.5% was burned concerning a prediction about the Nobel Peace Prize. In October, the first airdrop portion that was not claimed (7.9%) was also burned, bringing the cumulative total, excluding this burn, to 12.15%.

Price Dropped 13% on Announcement Day

According to U.S. media outlet The Block, LAPTOP dropped 13% on the announcement day, reaching $0.035. The 55 million tokens burned at this price amount to approximately $1.93 million.

Immediately after issuance, LAPTOP experienced a 99% drop within hours of trading due to low liquidity. Hunter called for market makers involved in the launch to buy back and burn tokens in a report released in October. As of October 7, not a single token from the 300 million held by the founding team had moved.