Trading of Hunter Biden’s meme coin isn’t off to a great start.

The son of former President Joe Biden announced on Monday that he would be launching a memecoin inspired by the laptop saga that fueled conspiracy theories during his father’s presidency.

In a roller coaster ride that’s familiar to anyone who has watched the meme coin space, $LAPTOP briefly surged from $37 when trading began on Tuesday, to a peak of nearly $225. By midday, it had fallen to about $2, and on Thursday the crypto was trading at about $0.60, down 98% since its debut.

Right on cue, the accusations of a “rug pull”—in which a crypto creator sells at the peak and tanks the price, leaving investors holding the bag—were…