Author: Nancy, PANews
Believe is experiencing a backlash of traffic. By leveraging the platform token LAUNCHCOIN's sharp pull-up, consecutive million-level speed trading disks, and the appeal of numerous Web2 entrepreneurs, Believe once occupied the center of attention in the recent Launchpad battle, becoming the focus of traffic. However, behind the excitement, with issues such as high platform fees, frequent "scraping" phenomena, and lack of sustainable narrative gradually emerging, community FUD emotions quickly heated up.
YAPPER's Sharp Decline Becomes FUD Fuse, Believe Ecosystem Faces Multiple Hidden Dangers
$YAPPER is the fuse of the Believe ecosystem's FUD storm. According to introduction, Yapper is a deep fake AI application for creating high-quality funny videos, with platform users generating over 100 million views. Its founder Emmet Halm previously established online tutoring company The Massapequa Tutor and college application platform Acceptitas, both of which have been acquired.
Halm's entrepreneurial experience in Web2 quickly brought attention to his token $YAPPER, even receiving multiple retweet supports from Believe's official account, pushing its market value to over $28 million at one point. However, GMGN data shows that by the time of writing, $YAPPER's price has dropped up to 75.62% from its peak.
This decline is not accidental and has multiple factors: on one hand, Halm was alleged to have been involved in another token $STEALTH in the Believe ecosystem, which shared the same logo with Halm's Stealth Startup. Facing controversy, $STEALTH's official response was vague, "This is not plagiarism, nor does it represent association, because this logo is a common symbol for many 'stealthy entrepreneurs', like a signal of an entrepreneur being 'invisible'."
Moreover, Halm's entrepreneurial background has sparked controversy. According to The Harvard Crimson, Halm, who claimed to be a Harvard dropout and crypto entrepreneur, used the slogan "Harvard students help you get into college" when founding Acceptitas, attracting many customers and mentors. However, after the company was acquired, Halm failed to properly hand over, leading to many mentors' salaries being delayed and customers unable to get refunds, once raising legal and moral questions.
On the other hand, $YAPPER's issuance continued Believe platform's high fee and "scraping" phenomena, causing retail investors to suffer heavy losses at high positions. Believe's excessively high fee ratio not only caused severe capital outflow but also led to high user transaction costs. According to crypto researcher 0xLoki, Believe's core issue is highly consistent with FriendTech: net fee (not retained within the ecosystem) is too high, with 4% gone in one buy and sell (Believe charges 2% buy and sell tax). If calculated based on the current Believe ecosystem's cumulative transaction amount of 16.78 billion * 2%, net fee has exceeded $33 million. Comparing with Pump.fun's internal and external trading ratio of 1:3, the actual net fee rate (net fee/total transaction volume) = 1% * (1/4) = 0.25%. Though the transaction fee rate appears to be 1:2, the actual net fee rate is 1:8.
Crypto KOL @xingpt pointed out, "Transaction volume of 100m+, market value of less than 10m, what does this mean? It means the market makers directly poured it when retail investors were most FOMO in trading volume." Additionally, because Believe allows quick token creation through social tags, this method causes new coins to often be "scraped" by robots at the moment of token issuance or trading start, quickly occupying low-price chips and then "pouring" the market after rapidly pushing up market value. Retail investors often become bag holders after FOMO chasing high. Data shows that over the past 24 hours, more than half of Believe platform's tokens have dropped over 50%.
(Translation continues in the same manner for the rest of the text)Overall, projects with the true ability to transcend market cycles will ultimately return to fundamentals: product experience, mechanism innovation, and community trust. What Believe faces next is not just how to maintain market enthusiasm, but how to forge a sustainable path beyond the "coin minting fever".
