Bitcoin Nears $80K As Hunter Biden’s Token PUMPS Then DUMPS | Matt Hougan

Scott Melker (0:02)

Bitcoin is once again approaching 80,000, but that's not the biggest story of the day. Sadly, the biggest story of the day is that Hunter Biden launched a token called Laptop that pumped to $110 billion valuation and now is trading at about $2 billion. And all of that happened in the last hour. What are we doing here? Unfortunately, I don't have to tell you because I can put that on Matt Hougan, who can explain to you exactly what's going on with Laptop Joking. We're going to get into that a lot more today. Let's go.

Good morning, everybody. Happy Wednesday and welcome to the show.

Just the fact that we have to do it. Don't want to do it, but we're going to do it. Matt, today is a big day for the industry.

Matt Hougan (1:02)

Why did I choose today to come on the show, Scott?

Scott Melker (1:05)

Sorry, man. We should have done one of the evergreen recorded conversations. Here you go. Look at it. Hunter Biden's laptop is now live. It's him clearly on drugs, smoking a cigarette with a rotating coin, and I'm going to show you a work of art. I don't know if we should call this the... Honestly, the pump was so fast. It's a five-minute chart. We can't even call it the Christmas tree or the Burj Khalifa because it's just a building that's then failing on one side. It's more like the... Maybe it'll be a half-pipe if it goes well.

Right now, it's like a evil Knievel ramp. I mean, this thing went up to $110 billion. It's currently trading, I don't know.

I'm trying to look. It's bad. 1.6, right? So, the tokens right now, $4.50. So, just some quick back to the map to map. This was a $400 token at some point in the last hour.

Matt Hougan (1:57)

Oh, my God.

I don't even know what to say. Although, that chart is beautiful enough to become its own token. Someone should tokenize it.

Scott Melker (2:08)

Laptop chart. Take your laptop chart.

Matt Hougan (2:11)

Laptop chart. That's right. We could retire on that, Scott. That would be it. I don't even know what to say, man. We deserve everything that comes to us when I see these things. It's really brutal to see. It makes you think you're living in a simulation. I don't know why people show up for these things, but that is incredible that it went to $100 billion.

That's really remarkable.

Scott Melker (2:37)

I don't have the exact quote, but I think I remember that Trump went to about $75 billion.

Matt Hougan (2:43)

There you go. Laptop over Trump. Wasn't that part of the-

Scott Melker (2:46)

He beat Trump. That's got to hurt.

But Trump's, to be fair, took a little while to get there and stayed for a while in the general vicinity and got back to here in months. We did the full Trump token cycle in an hour.

Matt Hougan (3:03)

Maybe that's progress. Maybe we're improving as an industry.

Scott Melker (3:07)

It makes sense because Hunter Biden is on meth, so everything happens faster.

Matt Hougan (3:11)

Everything goes really fast.

Scott Melker (3:14)

We're on speed.

Why does this have to happen? Listen, I think this is going to be forgettable. I agree. Whatever. I have a feeling that it's not that big a deal when you're outside of our echo chamber and that most people will just laugh this off like they have the past, but it's certainly not a positive.

Matt Hougan (3:36)

It's not a positive. We feel bad for the people who bought, I guess, up at the top. I agree that this will not have the lingering challenge of Trump and Melania Coin. We can't forget about Melania Coin. They came with the one too.

Yeah, I think this is a blip, but it is an odd blip. It's been odd to see the crazy side of crypto emerge so quickly, early in the recovery in the market. That has been notable. With this, with the Boner Hymns thing, you know, there's a lot going on, Scott.

Scott Melker (4:19)

The Boner Hymns. Yeah, meme AMC, which I guess isn't as funny, but yeah.

Matt Hougan (4:26)

It's all kind of funny. I mean, there is a persistence to this. It will continue. I actually think what Long is doing with the pair of tokens probably has interesting downstream things.

Laptop maybe doesn't have interesting downstream things, but it is amazing how fast that has bubbled up. I guess it's part of the social trading thing. That energy is still very extant in the market.

Scott Melker (4:50)

Yeah, it seems like that actually has been sort of outside of Bitcoin, the spark, right? I mean, you get FOMO app people obviously going crazy over there. I think Robinhood Chain has been a massive spark. They're doing huge numbers on fees and definitely the most successful, I would say, layer two on Ethereum right now, even kind of helping spark the Ethereum narrative. And here you go, I mean, Pons propels Robinhood Chain fees to record 6 million in daily fees as DEX volume doubles. I haven't dug so deeply, but to my knowledge, Pons is effectively the pump fun of Robinhood Chain, right? So this is launch a meme and watch it fly and for five seconds. Interestingly, Hunter Biden did this on base, not on Robinhood Chain. Probably could have gotten to 112 million if he had done it on Robinhood Chain. But you're right. I mean, this is, I think we see these times, but it's even becoming more clear that we have this barbell.