LAUNCHCOIN Surges 400% After Rebranding From PASTERNAK

On April 29, the meme coin PASTERNAK underwent a significant rebranding, changing its name to Launch Coin on Believe (LAUNCHCOIN). This rebranding aligns with the Clout platform's transition to Believe, a SocialFi platform built on Web3 technology. The platform allows celebrities and creators to issue tokens named after themselves, attracting fans and investors to participate in the financialization of personal branding.

Following the rebranding announcement, the token experienced a remarkable surge, increasing by approximately 400% within a 24-hour period. The current market capitalization of the token stands at $5.8 million. This update can be verified on Solscan, a blockchain explorer.

Previously, PASTERNAK was a celebrity coin associated with Ben Pasternak, the founder of Clout. The rebranding to LAUNCHCOIN signifies a strategic move to align the token more closely with the Believe platform, potentially enhancing its appeal and utility within the SocialFi ecosystem.

It is important to note that meme coins, by nature, lack intrinsic value and are subject to high volatility. Investors are advised to exercise caution when considering investments in such tokens. The rebranding and subsequent surge in value highlight the speculative nature of meme coins and the potential for rapid price movements based on news and market sentiment.