Believe Memecoin Launchpad Announces $1M Builders Fund Amid Declining Activity

Believe, a Web3 SocialFi platform facilitating token launches via social interactions on X, has unveiled a $1 million Builders Fund aimed at supporting developers and communities. The initiative will distribute funds through fellowship grants, hackathons, and targeted incentives over the coming months.

The announcement follows a sharp decline in platform activity. Daily token launches on Believe plummeted from over 4,000 in early May to fewer than 100 by late June, according to Dune Analytics. The Builders Fund appears to be a strategic effort to rekindle developer engagement and reverse the downward trend.

LAUNCHCOIN, the platform's associated token, has mirrored this decline, losing nearly 50% of its value in the past month. Its market capitalization now stands at $95 million, a 70% drop from its $312 million peak on May 15.