Launch Coin on Believe ($LAUNCHCOIN) has seen its price explode by 34,882% in the past month according to data from CoinMarketCap, as it moved from $0.00055 to $0.1877 during this period.
Believe is a mobile app through which crypto enthusiasts can launch new meme coins and tokens that they want to promote.
It works similarly to Pump.fun. The tokens are minted in the Solana blockchain and they will be available to be bought and sold through decentralized exchanges like Jupiter.
According to data from Onchain Lens, a whale bought $1.56 million to buy 9.55 million LAUNCHOIN tokens. This is a big move for a token with a market cap of just $176 million.
Trading volumes for LAUNCHCOIN have exploded recently and currently account for 99.9% of the token’s circulating supply.
It is unclear who this whale is and their intentions are, but vigorous buying activity from whales typically anticipates upcoming price surges for low-volume tokens like LAUNCHCOIN.
Launch Coin Shows Signs of a Weakening Uptrend
Looking at the hourly chart on MEXC, the price of LAUNCHCOIN started to surge rapidly after the 21-day exponential moving average (EMA) crossed above the 200-day EMA last Saturday and has delivered significant gains since then.
The rally pushed LAUNCHCOIN from around $0.00558 to its current level at $0.1956. The latest price action shows that the token is retesting a key support that could either result in a break of structure or a strong bounce to new heights.
If the price moves below the $0.1750 level, it would confirm what could be the end of this latest uptrend and the beginning of a correction.
The key support to watch down the road is the 200-period EMA in the hourly chart. If the price stays above this marker, the short-term outlook for LAUNCHCOIN will continue to be bullish.
Can this token get to $1? If the Believe app continues to gain traction as an alternative token minting tool to Pump.fun, the demand for LAUNCHCOIN will likely rise and could push the price to those heights. However, if the hype fades, the token could also experience a significant correction in the next few days.
Meme coins are a promising segment of the crypto space that has delivered big gains to early buyers.
MIND of Pepe (MIND) has emerged as one of the top meme coin presales of the year and you still have time to invest at its discounted price before the ICO ends.
MIND of Pepe (MIND) Leverages the Power of AI and Viral Memes to Launch a Captivating AI Agent
MIND of Pepe (MIND) is an AI agent designed to interact with high-profile accounts and regular users across social media platforms like X to progressively build an influence.
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The post Launch Coin on Believe Price Update: Whales Snipe $LAUNCHCOIN at $0.16, Is $1 Next? appeared first on Cryptonews.
