According to GMGN market data, the native token LAUNCHCOIN of the Believe platform briefly surpassed a market capitalization of $350 million, with a price of $0.3446, and a 24-hour increase of up to 107.5%. Since the token completed its rebranding from PASTERNAK, its synergistic development with the Believe platform has sparked market discussions.
Behind the Surge of LAUNCHCOIN: The "Trust" Narrative of the Believe Ecosystem
The rise of LAUNCHCOIN is inseparable from the strategic transformation of the Believe platform. Believe was founded by 25-year-old Australian entrepreneur Ben Pasternak, originally known as Clout.me, which initially positioned itself in the "influencer economy," attempting to connect creators and investors through the SocialFi concept. However, projects during the Clout era faced a crisis of trust and design flaws, leading to a near-zero valuation. In early 2025, Ben Pasternak rebranded the platform to Believe, proposing a new narrative of "from influence to trust," emphasizing decentralized financing and community-driven token issuance mechanisms. This shift quickly ignited market enthusiasm.
LAUNCHCOIN experienced explosive growth after May 12, with its market cap soaring from $25 million to $260 million, and recently surpassing $350 million. The Believe platform simplified the token issuance process, allowing anyone to generate new coins by replying with a specified token name through the @launchcoin account on the X platform. This low-threshold mechanism attracted numerous project teams and speculators, giving rise to high-market-cap Memecoins such as $GOONC, $BUDDY, and $NOODLE. Among them, $GOONC reached a peak market cap of $60 million, while $NOODLE, as a gaming project, once touched $20 million.
The market's enthusiasm for LAUNCHCOIN is also attributed to the efficient support of the Solana chain. A 26-page report released by the Solana Foundation indicated that Believe's "internet capital market" model is expected to disrupt traditional VC financing, allowing projects to raise funds directly from on-chain investors. This narrative aligns with the 2025 crypto market's demand for decentralized financial innovation, making LAUNCHCOIN a new favorite in the Solana ecosystem.
On-Chain Data Reveals: The Game Between Whales and Retail Investors
The surge of LAUNCHCOIN is not entirely community-driven; on-chain data reveals signs of whale manipulation. According to reports, a trader purchased 20.3 million LAUNCHCOIN for $9,075 a month ago, which is now worth $4.7 million, yielding a return of 515 times. Another well-known trader, Ansem, invested $1.36 million in the past two days, having already made a profit of $578,000 as of May 15. Additionally, a whale, after losing $446,000 from selling TRUMP tokens, quickly invested $1.59 million to buy 9.37 million LAUNCHCOIN, indicating a concentrated bet on LAUNCHCOIN by market funds.
However, the enthusiasm of retail investors hides risks. X platform user @Krystal_Eth pointed out that the rising pattern of LAUNCHCOIN relies on "scraper bots" to quickly drive up prices, followed by FOMO triggered by Ben Pasternak or influential figures. This mechanism increases the risk for retail investors who buy at high prices. The experience of on-chain player James is even more cautionary: he lost $340,000 during the Clout era and missed this round of surge due to distrust in Believe.
The Potential and Concerns of the Believe Ecosystem
The success of the Believe platform lies in its ability to capture the intersection of the Memecoin craze and decentralized financing. Compared to competing platforms like Pump.fun, Believe achieved a dual breakthrough in traffic and market cap in a short time through the rebranding of LAUNCHCOIN and community operations. PANews noted that Memecoins incubated by Letsbonk.fun and Believe (such as $DUPE, $Hosico) performed strongly in May, while projects from Pump.fun faded due to a lack of highlights. The Hyperliquid platform even opened up to 3x leverage trading for LAUNCHCOIN, further amplifying its market heat.
However, the long-term sustainability of the Believe ecosystem is in doubt. Firstly, the platform is highly dependent on Ben Pasternak's personal IP and community sentiment, lacking a clear governance mechanism. X user @Krystal_Eth warned that if the token issuance and price stabilization mechanisms are not optimized, Believe may struggle to attract retail investors for long-term participation.
Market Outlook: Trend or Bubble?
The surge of LAUNCHCOIN is a microcosm of the 2025 crypto market, reflecting investors' pursuit of new narratives and high returns. The Believe platform successfully activated the vitality of the Solana ecosystem through the "trust" narrative and low-threshold token issuance. However, its reliance on short-term FOMO sentiment and high-risk trading patterns means it cannot become a paradise for all investors.
For investors, the LAUNCHCOIN craze is both an opportunity and a test. On-chain data shows that a few whales and early players have achieved substantial returns, but retail investors need to be cautious of the risks of buying at high prices. If the Believe platform wants to solidify its ecological position, it must take substantial steps in mechanism optimization, community governance, and regulatory compliance.
This article represents the author's personal views and does not reflect the stance and views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.
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