Believe ecosystem tokens hit $450M market cap, led by LAUNCHCOIN’s 200x surge, though concerns remain about volatility and project sustainability.
XRP and DOGE derivatives open interest rises despite stagnant prices, signaling growing speculative risk that may precede market corrections.
Pump.fun loses meme coin dominance to newer platforms like LetsBonk.fun and Believe, highlighting shifting trends in token launch dynamics.
BELIEVE ECOSYSTEM TOKENS SURPASS $450M IN MARKET CAP
According to data from Believe Screener, the total market cap of tokens within the Believe ecosystem has exceeded $450 million, with a cumulative trading volume of $1.406 billion across 11,231 created tokens.
LAUNCHCOIN has continued its rally, reaching a peak market cap of $360 million and posting a 24-hour trading volume of $120 million.
As of writing, its market cap has retraced to around $270 million, still reflecting a 200x increase since late April.
PASTERNAK, initially a celebrity token tied to Clout founder Ben Pasternak, was rebranded on April 29 as LAUNCHCOIN, aligning its name with the newly branded Believe platform (formerly Clout, rebranded on April 28).
Clout operates as a SocialFi platform that allows influencers and creators to issue personalized tokens, monetizing personal brand equity by engaging fans and investors.
The rapid surge of Believe signals sustained market interest in both “influence financialization” and “early-stage project speculation.”
However, the volatility and sentiment-driven nature of the ecosystem suggest it’s best suited for short-term and high-frequency traders.
While LAUNCHCOIN benefits from strong narrative support and high engagement, it lacks stabilizing mechanisms, and token quality is inconsistent. Most projects have short life cycles, raising concerns about sudden drops in liquidity and heavy sell-offs.
Key areas to monitor going forward include: the quality of new project launches, the rollout of governance mechanisms, potential integrations with major exchanges like Gate, and whether Believe can build lasting defensibility against emerging competitors.
XRP AND DOGE OPEN INTEREST RISES WHILE PRICE MOMENTUM STALLS
According to Glassnode, speculative positions in the derivatives markets for DOGE and XRP continue to climb despite weakening price momentum. This divergence reflects rising appetite for volatility and risk in the face of market uncertainty.
DOGE open interest surged by 63.9% over the past week (from $989M to $1.62B), with its spot price rising 40% to $0.23.
XRP open interest grew by 41.6%, with more than $1B in added positions, while its spot price moved modestly from $2.14 to $2.60.
The disconnect between rising open interest and stalling price gains signals a potential build-up of speculative leverage. Historically, such mismatches often precede sharp corrections or flash crashes, as leveraged positions outweigh underlying investor conviction.
PUMP.FUN LOSES MARKET SHARE TO LETSBONK.FUN AND BELIEVE
Data from Dune shows that Pump.fun is rapidly losing its dominance in the meme coin launch space, as newer platforms like LetsBonk.fun, Believe, and LaunchLab gain ground. Pump.
fun’s share of daily token launches has dropped from over 98% to just 57.5%, while LetsBonk.fun now accounts for 17.9%, Believe for 12.9%, and LaunchLab for 5%.
The most popular recent meme tokens—LAUNCHCOIN, GOONC, DUPE, and Hosico—have largely launched on either LetsBonk.fun or Believe. Pump.fun, by contrast, has seen a noticeable decline in standout projects.
The success of LetsBonk.fun and Believe stems from their differentiated strategies. LetsBonk.fun emphasizes viral engagement and topical hooks to attract creators and new users.
Meanwhile, Believe focuses on aesthetics, community involvement, and influencer-driven token launches that boost user retention and engagement.
In the meme coin arena, launch platforms are essentially distribution hubs for attention and traffic. Once a platform loses its ability to host hot projects, both creators and users quickly shift away.
Pump.fun’s underlying issue may lie in its now-stale mechanics and lack of innovation, leading to user fatigue.
Rumors suggest Pump.fun may introduce its own native token—a potential move to rekindle user interest and platform stickiness.
Without such a pivot, Pump.fun risks fading from its former role as Solana’s flagship meme launchpad into a relic of a bygone cycle.
〈CoinRank Crypto Digest (5/15)｜Believe Ecosystem Tokens Surpass $450M in Market Cap〉這篇文章最早發佈於《CoinRank》。
