The cryptocurrency Launch Coin (LAUNCHCOIN) experienced a sharp decline of over 30% on October 16 following the announcement from its development team that the current token model would be discontinued and replaced with a new design under the Believe ecosystem.
Originally operating on the Solana blockchain, Launch Coin was introduced as part of the Believe platform—formerly known as Clout—a launchpad focused on creator-driven communities. The team revealed via an X thread that the existing LAUNCHCOIN token no longer meets the evolving requirements of the Believe ecosystem, prompting the creation of a new token, BELIEVE.
The transition plan includes a two-week token swap window starting immediately and concluding on October 29, with a final claim period extending until November 12. Following this timeframe, the development team will cease support for LAUNCHCOIN, and any unclaimed tokens will be permanently burned, as outlined on the official Believe website.
Market reaction was swift. Data from DEX Screener showed LAUNCHCOIN’s price dropping from $0.1089 to $0.07189 within a day, reflecting a 34% loss in value. This sudden price movement highlights investor apprehension regarding the token migration.
Concerns among holders have also surfaced regarding the tokenomics of the new BELIEVE token. According to Believe’s announcement, the total supply of BELIEVE will be set at 1.33 billion tokens, representing an approximately 30% increase over LAUNCHCOIN’s current circulating supply and a 33% rise compared to LAUNCHCOIN’s maximum supply reported by CoinGecko. While the Believe team described the increase as roughly 25%, this discrepancy has been noted by members of the community.
The new token allocation plan designates 17% of BELIEVE tokens for contributors with a four-year vesting period and a one-year lock-up, 5% for early investors also subject to a one-year lock-up, and 3% reserved for the Believe foundation. Additionally, any tokens that remain unclaimed after the migration will be burned to reduce total supply closer to the target of one billion tokens.
Launch Coin was first launched in January under the name PASTERNAK by Australian entrepreneur Ben Pasternak through the Clout platform. It later underwent a rebranding to LAUNCHCOIN as Clout was renamed Believe, signaling a strategic pivot to emphasize creator-centered community support within its roadmap.
