LAUNCHCOIN price plunges, hit by BELIEVE upgrade | Credit: Derek Fenech
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Key Takeaways
LAUNCHCOIN plunges 22% as Believe announces ticker and tokenomics change.
Supply increased by 25% to 1.33 billion, triggering market-wide dilution concerns.
LAUNCHCOIN price breaks below the ascending channel, confirming selling pressure.
LAUNCHCOIN, the native token of the Solana-based SocialFi platform Believe, has dropped 22% in the last 24 hours. This development comes with another upgrade that will change the ticker to BELIVE.
But that’s not all. The Believe launchpad also revealed a change in LAUNCHCOIN’s tokenomics.
This change has had a negative impact on the token’s price. Here are all the details and what could be next for the LAUNCHCOIN price.
LAUNCHCOIN Breaks Down
Before it was known as LAUNCHCOIN, the token had the ticker PASTERNAK. About five months ago, it reached an all-time high of $0.36 amid a surge in the Solana memecoin mania.
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Before the recent correction, the 4-hour chart showed the token was trading in an ascending channel. However, as of this writing, it had dropped below the pattern’s lower trendline.
A closer look at the chart shows sellers contributed to the decline as the Bull Bear Power (BBP) slid below the zero line. In the process, LAUNCHCOIN’s price failed to hold support at $0.090 or breach overhead resistance at $0.11.
If this setup remains the same, the token risks falling to its underlying support at $0.070.
CCN’s findings reveal that Believe’s latest announcement was a key catalyst behind the sell-off.
On Wednesday, Oct. 15, the SocialFi platform announced that its native token, LAUNCHCOIN, had officially been upgraded to BELIEVE — a move meant to align with the project’s new vision and tokenomics.
However, the upgrade came with a 25% increase in total supply, a detail that immediately caught the market’s attention.
“LAUNCHCOIN’s original design didn’t anticipate the long-term needs of the Believe ecosystem. To properly support ecosystem growth, the initial supply of BELIEVE has been set to 1.33 billion, a 25% increase from LAUNCHCOIN,” It stated.
Increasing supply, especially without a proportional rise in demand, creates dilution, meaning each token now represents a smaller share of the network’s overall value.
Most of the time, this sparks selling pressure, which is what caused the LAUNCHCOIN price decline.
LAUNCHCOIN Price Prediction: Support Under Threat
The technical setup on the daily chart also seems bearish. As seen below, LAUNCHCOIN’s price is on the verge of dropping below the support line.
Amid this, the Chaikin Money Flow (CMF) has dropped below the zero signal line, indicating rising selling pressure.
In addition, the Moving Average Convergence Divergence (MACD) has formed a bearish crossover. Due to this position, the token’s price will likely drop to $0.041.
However, the trend could change in the long run when the BELIEVE upgrade is complete. The project said it would eventually reduce the supply to 1 billion.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
