In the past 24 hours, Bitcoin’s price surged past $93,000, triggering the liquidation of over $285 million in short positions. This sharp upward movement caught many traders off guard, forcing the automatic closure of their leveraged bets against Bitcoin. The current BTC price stands at $93,642, with an intraday high of $93,723 and a low of $88,027. The massive liquidations highlight the risks of shorting in the volatile crypto market, especially as Bitcoin continues to outperform expectations.
Launch Coin on Believe (LAUNCHCOIN) has seen explosive growth, surging nearly 3,000% in the past week and 27,000% in a month as interest in the Believe App spiked. The Solana-based platform lets users launch tokens directly through X (formerly Twitter) replies.
While activity on Believe has cooled recently, LAUNCHCOIN’s rapid rise has fueled speculation about the platform’s long-term potential. At the same time, questions remain about the sustainability of this growth and the risks tied to the broader Internet Capital Markets trend it represents.
Believe Turns Tweets Into Tokens—But at What Risk?
Believe is a Solana-based memecoin launchpad that allows anyone to create tokens simply by replying to posts from its “Launchcoin” X account.
The app was founded by Ben Pasternak and rebranded from an earlier project called Clout. Its native token, Launch Coin On Believe (LAUNCHCOIN)—originally PASTERNAK—skyrocketed in the last seven days.
Believe enables creators to launch meme coins instantly via social media, collect fees from trades, and graduate tokens to Meteora if they hit a $100,000 market cap.
The model removes regulatory and technical barriers, enabling 24/7 global capital formation without the need for accreditation, banks, or brokers. While promising, it also draws criticism for its speculative nature and similarities to meme coins.
Believe App Activity Slows After Brief Surge in Token Launches
Believe App saw a surge in usage between May 13 and May 15, with users launching over 4,000 new tokens per day through its social-media-based platform.
This explosive activity briefly positioned Believe as one of the most active launchpads in the Solana ecosystem.
However, the pace has since slowed considerably—falling to around 2,600 new tokens on May 16 and just 895 on May 17. The decline suggests that the initial hype surrounding the platform may be cooling, at least in the short term.
Daily Tokens Launched per Launchpad. Source: Dune.
In terms of market share, Believe reached a high point on May 15, capturing 13.6% of all Solana launchpad token launches—its strongest showing to date. However, this share dropped to just 2.6% by May 17.
Daily Tokens Launched per Launchpad (Market Share). Source: Dune.
Still, some Believe tokens are finding success. Seven of the biggest tokens launched across Solana launchpads in the past seven days originated from the Believe App.
Yet in the last 24 hours, only two tokens from Believe have entered that category, which shows the platform’s current volatility.
Top Tokens In Last 24 Hours and Last 7 Days. Source: Dune.
Believe generated $14.17 million in revenue over the past 7 days, nearly matching Pump’s $16 million. However, in the last 24 hours, revenue fell sharply to $340,016, while Pump maintained a much higher $2.5 million.
LAUNCHCOIN Surges 3,000% in a Week—What’s Next?
LAUNCHCOIN, the native token of the Believe App, has surged nearly 3,000% over the past seven days, climbing from $0.008 to $0.25. This rapid price appreciation has pushed its market cap to approximately $250 million.
If current momentum holds, LAUNCHCOIN could soon challenge resistance at $0.38. A breakout could potentially pave the way toward the $0.50 level, doubling its current market cap to around $500 million.
However, if on-chain signals point to declining engagement or fading hype, the token could face a correction, first retesting support at $0.16, especially if the narrative around Internet Capital Markets doesn’t live up to its hype.
A break below that level may expose it to further downside toward $0.097, marking a deeper retracement from recent highs.
Pi Network is facing growing criticism from its community and developers. The coin that saw massive hype is now turning out to be a nightmare for investors and traders who rooted for the success of the project. The main issue lies in the long delays in approving “Know Your Business” (KYB) applications, which are required for projects to officially build on the Pi mainnet. This has left many developers feeling stuck, and some are now turning to other blockchains to keep things moving.
PiDaoSwap Shifts to Binance Chain
One of the latest examples is PiDaoSwap, a decentralized exchange that had been waiting over two weeks for KYB approval from the PiCoreTeam (PCT). Tired of waiting, the team decided to launch their NFT project on Binance Smart Chain (BSC) instead. They described the delay as “agonizing” and said they didn’t want to sit idle while waiting for approval.
PiDaoSwap clarified that they still want to build on the Pi Network, but until they get the green light from the PCT, they’re choosing to move forward on BSC as a temporary step. This decision also highlights a bigger concern as Binance continues to ignore Pi Network in its “Vote to List” campaigns, instead focusing on more active BSC projects.
We officially submitted the KYB application 15 working days ago, but the KYB review process has been excessively prolonged. Currently, the foundational framework of PiDaoSwap has been fully developed. We have chosen to launch community NFTs on BSC as an interim solution rather… https://t.co/EaqtjdpiQ9
Moreover, the PiCoreTeam is catching serious heat from well-known figures in the community. Dr Altcoin, a prominent community member, didn’t hold back. He said PiDaoSwap’s experience isn’t unique; other centralized exchanges (CEXs) are also waiting on KYB approvals. According to him, these delays are preventing Pi Coin from being listed on major platforms like Bybit.
He also accused the PCT of not being transparent about important token mechanics like locking and burning, which could be further holding back listings and partnerships.
Pi Coin Price Dips, But Interest Remains
As a result of all this uncertainty, Pi Coin’s price has crashed another 20% in just 24 hours and slipped to $0.44, now out of the top 30 crypto rankings. Investor confidence has collapsed, with many fearing a further 60% drop to $0.10. Despite a few positive developments, the overall sentiment around Pi Coin has turned sharply bearish, and hopes for a recovery are fading fast.
Hopes of seeing the token reach $1 have taken a hit. Still, the community believes things could turn around if the PiCoreTeam can speed up approvals and land a big exchange listing. Interestingly, despite the backlash, the PCT is still moving ahead with its domain auction, reporting over 200,000 bids, a sign that enthusiasm for Pi is still alive, even if tensions are rising.
The post Pi Network Faces Growing Criticism as Delays, Price Dips, and Frustrations Mount appeared first on Coinpedia Fintech News
Pi Network is facing growing criticism from its community and developers. The coin that saw massive hype is now turning out to be a nightmare for investors and traders who rooted for the success of the project. The main issue lies in the long delays in approving “Know Your Business” (KYB) applications, which are required …
