Internet Capital Markets (ICM): A new narrative or just memecoin wearing a tie ?

Preamble

For several years, each crypto market cycle has been driven by narratives—simple, viral ideas that investors can easily grasp: ICOs in 2017, DeFi then NFTs in 2021, and most recently memecoins in 2024.

This summary might seem simplistic or even caricatural, but it illustrates an important point: all it takes is a minimum of technical innovation, a compelling story, and enough speculation to kickstart a new market trend that captures attention and capital.

At its core, every crypto project is based on an idea or concept capable of grabbing attention. Whether it's a genuine technological innovation or just a joke, the market pays attention because it sees the potential for it to become the next big thing.

Why bring this up now? Because in recent days, a new trend has been emerging: Internet Capital Markets (ICM). Put simply, it's about enabling anyone to create, fund, or support projects by turning ideas into immediately tradable digital assets.

This narrative gained visibility with the explosion of Believe App, a sort of launchpad that lets users create tokens from a simple tweet. In theory, the goal is to help early-stage projects raise funds and gain exposure.

In practice, it looks a lot like the memecoin playbook, just dressed up in more serious packaging. But isn’t that the perfect combination for crypto’s next major narrative? Let’s set aside any preconceptions and take a closer look.

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What Are Internet Capital Markets?

Behind the term Internet Capital Markets (ICM) lies a straightforward idea: building an open financial market infrastructure where anyone can create and trade assets tied to projects, businesses, concepts, or ideas.

Unlike traditional markets—which are closed by nature, highly regulated, and reserved for select participants—ICMs follow a permissionless logic. A project creator can publish an idea, the public invests through the token, and trading volume generates fees that help fund the builder.

While some present this concept as “revolutionary,” it’s really a remix of several already familiar components:

• ICOs, which enabled projects to raise capital directly from the public;
• Memecoins, which demonstrated the sheer power of speculation in crypto;
• Launchpads, which provided structured, automated token launch processes;
• SocialFi marketplaces, which turned attention and engagement into value.

In short, it’s a mix between Kickstarter and Pump.fun. Some describe ICMs as markets to democratize innovation—or even as a future “decentralized NASDAQ.” Others see it as just another speculative hype cycle dressed up in buzzwords. The reality may lie somewhere in between.

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The Central Role of Believe App (and Launchcoin)

The narrative of Internet Capital Markets isn't new, but it gained significant momentum in recent days thanks to the success of Believe App. Launched in early 2025, this Solana-based platform lets anyone create a token by replying to a tweet with “@launchcoin $TICKER”.

The token is automatically deployed using a dynamic bonding curve, with a limited supply and extremely high fees at launch—designed to reward early buyers and encourage holding.

The concept is simple: if the tweet gets enough engagement, the token is launched. The creator then receives 50% of the trading fees, while the other half goes to Believe. Once the market cap reaches $100,000, the token is migrated to deeper liquidity (via Meteora). At this stage, fees are reduced and creators may begin to earn recurring revenue.

Note: the system closely mirrors Pump.fun’s mechanics—bonding curve, migration to a DEX, and fees-driven monetization.

Believe App functions as a social launchpad, enabling people to issue assets effortlessly, distribute them through X, and instantly monetize attention and ideas. It revolves around two main components:

• Believe App, the user interface and social platform (also listed in the App Store as FOMO – Never Miss Out);
• Launchcoin ($LAUNCHCOIN), both the ecosystem token and the mechanism used for launching tokens.

This model is attracting a new wave of founders: solo builders, influencers, and app developers who can now fund their projects (or test new ideas) without pitching to VCs. The promise is that of easier bootstrapping: turn an idea into a token and let the market decide whether it deserves capital.

Note: $LAUNCHCOIN is used to fund the bonding curves and pay creators’ fees. Its market cap has surpassed $300 million.

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Revolution or Just a Memecoin Rebrand?

Despite claiming to democratize access to funding, ICMs mostly recycle mechanics seen in previous speculative waves—ICOs, NFTs, and memecoins.

• No real utility for tokens: Most assets launched via Believe have no utility, no connection to a future product, and no governance rights. Even the website states that the tokens offer no economic rights.
• The bonding curve, growing liquidity, and DEX migration mechanism is nearly identical to Pump.fun.
• The majority of projects launched on Believe have no roadmap, no demonstrated market need, and no long-term objectives. Speculation comes first—delivery maybe later.

Where memecoins used humor and internet culture as leverage, ICMs lean on the “promise of a project”—even if that project doesn’t actually exist. This mirrors the AI Agent trend from late 2024, where tokens were attached to hypothetical use cases and the market speculated well before any product was shipped.

This creates a form of gamified speculation, where momentum, attention, and social branding drive volume. Builders are incentivized to “sell a vision” rather than ship a product, since fees are captured within the first hours of trading.

As a result, several critiques have emerged:

• Extractive model: Launch fees (often 2–4% per transaction) go to the platform, with no clear benefit to investors.
• Short-term incentives: Builders profit primarily from trading fees early on, with little incentive to maintain long-term engagement.
• Extreme volatility: Tokens can hit tens of millions in market cap within hours, then crash just as quickly.
• Lack of utility: These tokens are neither shares nor equity. They provide no rights to the project itself.
• Information asymmetry: The token creator is usually the only one who knows their true intentions. They have no obligation to build anything.
• Selective promotion: Some tokens appear to benefit from algorithmic or internal support by Believe.

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Why It Could Still Work

Internet Capital Markets don’t really invent a new model. In reality, they recycle known mechanics: a platform to easily launch tokens (Believe App, here equivalent to Pump.fun), fast-paced speculation, simple storytelling, and a compelling new narrative.

The only difference? The “fun” aspect of memecoins is replaced by the illusion of a project—an app, a tool, an idea. But fundamentally, it’s the same logic: speculate on the project that will grab the most attention from the market, regardless of the reason.

This model has already proven to work in other contexts. At the end of 2024, the AI Agent meta followed a very similar path. The Virtuals platform allowed users to create tokens with ease—some reached valuations over $1 billion.

In the end, whether it’s a meme, an AI prototype, or a startup idea, the market doesn’t care much about the “fundamentals” behind the token. What matters is having the right ingredients to capture attention quickly: tell a good story, give people the chance to be early, and create the right conditions for speculation.

From this perspective, ICMs are well positioned to replicate that phenomenon. Even if most projects are hollow, it doesn’t matter. For a segment of the market, the ability to speculate early on a token with narrative potential is more than enough.

Just like Pump.fun and Virtuals went viral after launching a few breakout tokens, the success of ICMs and Believe will likely hinge on whether one or two tokens take off in the coming weeks.

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Conclusion

The Internet Capital Markets meta has everything to appeal to crypto users: viral UX, a clear speculative logic, a simple narrative, and the promise of escaping traditional fundraising models. But in its current state, what’s branded as ICM looks far more like a rebranded extension of the memecoin phenomenon than a real reinvention of capital markets.

With Believe App, we’ve simply replaced dogs-in-hats with “apps-in-the-making,” running the same playbook: launch a token easily, generate volume fast, and capture attention to pump the price. The structure hasn’t changed—only the storytelling has.

That said, we shouldn’t dismiss the entire concept. At its core, the ICM vision is far more ambitious: enabling any builder or web-native project to raise funds, test ideas, and build products without relying on closed VC circuits. It’s not that vision that’s flawed, but rather its current implementation, co-opted by a market hungry for quick returns.

In the meantime, we have to stay clear-eyed. The market loves narratives with the right ingredients, and there’s a good chance ICMs, Believe, and Launchcoin will remain hot topics in the weeks ahead.