Overview
- The token launched on Sept. 9 on Coinbase’s Base network, spiked into the hundreds of dollars within minutes and then fell roughly 98–99% inside the first hour of trading.
- Project tokenomics set a 1 billion supply with founders, including Hunter Biden, allocated 30% that the team says is locked for six months and then vests over two years.
- On-chain analytics show large pre-launch distributions to a multisig wallet and market-making firms such as GSR and Wintermute, while liquidity pools were tiny compared with the token’s peak fully diluted value.
- The project and Biden denied any insider sales, blamed sniper bots and thin liquidity, and announced plans for liquidity incentives and token burns even as analysts documented a small number of large quick profits and widespread retail losses.
- The episode follows a pattern of politicized memecoins and raises questions about launch transparency, market fairness and possible regulatory scrutiny for token launches tied to public figures.