Launch Coin Price Drop: Believe Plans Token Upgrade
Background: Launch Coin Model Deemed Outdated
The price of Launch Coin on Believe (LAUNCHCOIN) experienced a sharp decline, plummeting more than 30% on Thursday, October 16. This drop occurred after the development team announced a significant change to the project’s token structure. Through an X thread, the Solana-based launchpad communicated that the original LAUNCHCOIN model was considered too outdated to serve the expanding needs of the growing Believe ecosystem.
The announcement detailed that LAUNCHCOIN would be upgraded to a new token, BELIEVE. According to Believe, the existing LAUNCHCOIN could not meet the long-term requirements of their creator-driven platform, prompting the launch of BELIEVE as a replacement token. Reporting via CryptoNews.
Transition Details and Market Reaction
The token swap from LAUNCHCOIN to BELIEVE will take place over a two-week window, ending on October 29, 2023. A final claim period remains open until November 12, after which all support for LAUNCHCOIN will cease and any unclaimed tokens will be burned, as noted on the official Believe website. This transition plan quickly impacted market sentiment.
According to DEX Screener data, Launch Coin’s price fell 34%, moving from $0.1089 on October 16 to $0.07189 within hours of the announcement. The Launch Coin price drop came as some holders expressed concerns about the upgrade. Community members raised questions regarding the increase in token supply tied to the switch to BELIEVE, noting discrepancies between the team’s stated numbers and figures found on tracking platforms like CoinGecko.
Tokenomics Changes and Community Feedback
The initial supply of BELIEVE will be 1.33 billion tokens, which is about 30% higher than LAUNCHCOIN’s current circulating supply and 33% above its previous maximum supply. In contrast, team members described this as “a 25% increase,” leading to confusion among community participants. Under the new distribution plan, 17% of BELIEVE tokens will go to contributors under a four-year vesting schedule with a one-year lockup, 5% to early investors with a one-year lock, and 3% to the foundation. Any tokens left unclaimed at the end of the swap period will be burned, potentially reducing the total supply to roughly 1 billion tokens.
Believe, originally known as Clout and first launched in January as PASTERNAK by Australian entrepreneur Ben Pasternak, rebranded to better align with its new mission to support creator-driven communities. This strategic pivot and the related Launch Coin price drop continue to spark active debate in the project’s user base as the transition progresses.
What’s Next for Believe and Holders?
The transition phase will conclude on November 12, after which LAUNCHCOIN will no longer be supported. Market participants and token holders are monitoring the migration process and awaiting further details about BELIEVE’s utility within the growing ecosystem. It remains to be seen how the new tokenomics will affect long-term project development and whether the BELIEVE token can restore confidence after the recent Launch Coin price drop.
Follow ongoing coverage of this transition and other cryptocurrency updates at Vizi Cryptocurrency News.
