- The price of Launch Coin on Believe suddenly surged 60% to a high of $0.118.
- Those gains triggered a wave of liquidations among crypto trading firms.
The price of Launch Coin on Believe (LAUNCHCOIN) jumped nearly 60% in early trading on Tuesday, a sudden surge that inflicted heavy losses on short sellers.
The rapid rally also set off a cascade of liquidations, with on-chain data showing a liquidity provider suffered losses exceeding $4 million.
Launch Coin on Believe Price Sees Sudden 60% Pump
Cryptocurrencies such as Worldcoin and MYX Finance have appeared among top gainers in the last 24 hours. Meanwhile, the small-cap token LAUNCHCOIN sparked heightened attention across social media and trading communities.
As noted above, Launch Coin on Believe experienced a dramatic price move of nearly 60%. After trading around $0.076 during the Asian session, LAUNCHCOIN suddenly spiked to $0.132 in early trading.
LAUNCHCOIN chart from TradingView
The abrupt jump represented a roughly 60% increase, catching many traders who had positioned for continued consolidation or a downside move off guard.
Strong buying pressure, driven by speculative trading and potential market manipulation, pushed the token’s daily trading volume sharply higher.
According to CoinGecko data, the surge lifted volume on centralized exchanges such as LBank and Bitget by about 540%, amounting to roughly $255 million within 24 hours.
The more-than-fourfold increase in volume from the prior day reflects a marked revival of market activity around the token.
$4 Million Loss Amid Liquidation Cascade
While buyers celebrated the meteoric rise, LAUNCHCOIN’s gains inflicted significant losses on a prominent market participant.
On-chain analyst Lookonchain reported that a wallet linked to market maker GSR suffered one of the largest losses as the token rallied.
The wallet, which had hedged a short position on LAUNCHCOIN, was fully liquidated, resulting in an estimated $4 million loss after other GSR Market positions were swept by a chain of liquidations on the decentralized exchange Hyperliquid.
As the liquidation of the LAUNCHCOIN shorts hit leveraged positions betting against the rally, additional positions were wiped out. Lookonchain noted that other GSR Market short positions affected in the cascade included Mantle, Popcat, Chainlink and Lido DAO.
“The liquidation of #GSRMarkets’ short position triggered a domino effect that wiped out their other shorts at $MNT, $POPCAT, $LINK and $LDO and brought the account to zero,” Lookonchain wrote.
LAUNCHCOIN is currently trading around $0.091, slightly below its intraday peak. The $0.08 level — above which buyers seized control of the breakout — will be an important support to watch if the price continues to retreat.
Analysts say the episode highlights how crypto markets can create rapid opportunities but also turn brutal quickly, emphasizing the risks of leveraged trading and speculative positions in a highly volatile environment.