NEW: Hunter Biden posted on X that a "LAPTOP" project is coming on Sept. 9, appearing to confirm

NEW: Hunter Biden posted on X that a "LAPTOP" project is coming on Sept. 9, appearing to confirm reports of a planned memecoin launch this week.Kraken subsequently announced plans to list the token for trading on the same day.The token will launch on the Coinbase-incubated Base blockchain with a supply of one billion, according to The Wall Street Journal, citing people familiar with the matter. Founders, including Biden, will receive 30%, while another 20% will be distributed to people who lost money on solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN and subscribers to selected mailing lists.Up to 30% of the supply will be burned if certain events occur, including a Democrat winning the 2028 presidential election, bitcoin reaching a new all-time high, or the token surpassing solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN's fully diluted valuation. Otherwise, a proportionate amount will be donated to charity.The remaining 20% will reportedly be allocated to charity, liquidity purposes, including exchange partners and market makers, and the token's foundation.At least one, apparently unaffiliated LAPTOP memecoin already trades on Solana and surged following the report.It remains unclear how the project plans to distribute the Base-based tokens to eligible solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN traders, given that solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN is issued on Solana.

Source: The Block