Hunter Biden's memecoin, $LAPT, crashed by 98% within minutes of its launch on Wednesday, according to reports. The token, named after the laptop that became a political flashpoint, was introduced by Biden as a symbol of resilience, but he cautioned that no one should expect him to increase its value.

Biden's move came amid a broader crypto downturn, with bitcoin down 30% over the past year and memecoins struggling. He also distanced his project from President Donald Trump's $TRUMP coin, which has fallen 75% and faces criticism.

The launch coincides with a challenging period for the crypto industry, as legislative efforts have stalled in the Senate. Trump's administration had previously rolled back restrictions, but the market remains volatile.

Biden's token, created with a message of redemption, enters a space where many investors have suffered losses. His comments reflect a cautious approach, acknowledging the speculative nature of such assets.