On June 27, Believe—a Web3 SocialFi platform that facilitates token launches through social interactions on X—announced the launch of the Believe Builders Fund, a $1 million initiative aimed at supporting promising builders and communities. The fund will be distributed over the coming months through fellowship grants, hackathons, and targeted incentive programs.
The move comes as platform activity has seen a significant downturn. According to Dune Analytics, daily token launches on Believe peaked in early May at over 4,000, but have steadily declined, falling below 100 per day by late June.
The introduction of the Builders Fund appears to be a strategic effort to revive developer interest and restore momentum on the platform.
LAUNCHCOIN Plunges 50% as Believe Platform Activity Slows; Builders Fund and New Protections Introduced
LAUNCHCOIN—the token closely linked to Believe and its founder Ben Pasternak, who created both the platform and the token—has seen a steep decline, dropping nearly 50% in value over the past month. Its market cap now sits at $95 million, down 70% from its May 15 peak of $312 million.
The token experienced a meteoric rise in mid-May, jumping from a $10 million market cap on May 12 to over $240 million by May 14. The surge was fueled by hype following the launch of NOODLE, a game-based crypto token created on Believe by Alex Leiman, known for viral apps like RizzGPT and Astra. This price rally coincided with the platform’s peak usage, when nearly 5,000 tokens were launched on May 13 and 14.
In response to the recent slowdown, Believe has introduced several initiatives to revive momentum. Alongside the newly announced $1 million Believe Builders Fund to support developers and communities, the platform has rolled out “rug protection” features aimed at safeguarding users from scams and rug pulls. These protections include automatic and manual fee blocking on new tokens, as well as a standardized “BLV” contract address suffix for enhanced transparency.
