The team behind LAUNCHCOIN announced it is switching to a new token design and ticker, implying that the current asset is outdated.
The price of Launch Coin on Believe (LAUNCHCOIN) sank more than 30% on Thursday, Oct. 16, after developers said they were scrapping its original model, calling it too outdated to keep up with the growing demands of the Believe ecosystem.
In an X thread yesterday, the Solana-based token launchpad said that the original design of the LAUNCHCOIN token “didn’t anticipate the long-term needs of the Believe ecosystem,” announcing an upgrade to a new token called BELIEVE.
Per the announcement, under the upgrade plan, LAUNCHCOIN will eventually be phased out after a two-week swap window, ending Oct. 29, though a final claim period remains open until Nov. 12.
After that, support for LAUNCHCOIN will cease, and all unclaimed tokens will be burned, according to the official Believe website.
Shortly after the announcement, the token tanked 34%, falling from $0.1089 on Oct. 16 to $0.07189, per data from DEX Screener.
The pivot has raised some eyebrows among token holders, with multiple comments criticizing the team’s plan to increase Launch Coin’s current token supply in the switch. According to the Believe team’s X post, the initial supply of BELIEVE will be set at 1.33 billion tokens, which is about 30% higher than LAUNCOIN’s current circulating supply, and 33% higher than its maximum supply, per CoinGecko — the the Believe team described it as “a 25% increase,” as multiple replies to the post pointed out the discrepancy.
Under the new plan, 17% of tokens go to contributors with a four-year vesting and one-year lock, 5% to early investors with a one-year lock, and 3% to the foundation, while any unclaimed tokens will be burned to bring the total supply closer to 1 billion, per the X thread from Believe.
First launched in January as PASTERNAK and created by Australian entrepreneur Ben Pasternak through his launchpad platform Clout, the token was later renamed to LAUNCHCOIN and Clout was rebranded to Believe to better align with the platform’s new stated roadmap to support creator-driven communities.
