Crypto’s speed is unstoppable.
You could probably recite all the coins in your head, and even order them. Then, you’ll find that there are a few coins which you haven’t heard of before.
They could be completely new coins, such as HYPE, USDE or TRUMP. There’s a growing chance they are old coins that have been rebranded.
Putting aside any technical reasons for projects to switch tickers — perhaps alongside with the launch of a new chain — token rebrands serve three key functions:
- It offers an alternative to the stale position of the market when meta changes.
- Creates buzz by providing a focus for all promotional activities.
- The price chart is reset, erasing all previous data.
In recent years, there have been five high-profile examples of token rebrandings: Merit circle (MC), bitdao(BIT) has become MANTLE(MNT); matic is now POL; MakerdaoMKR became Sky (SKY); and FantomFTM became Sonic.
Many of these and other token migrations are still ongoing — meaning the old chart lives on under the previous ticker, separate from the new one.
It’s possible to combine the old and new chart, even if resetting it was not the primary goal of the project that rebranded.
Consider the above MC/BEAM graph. Even if you just checked the BEAM price chart after the rebranding, BEAM’s initial value is still more than 70 percent higher.
In reality, it’s been down by over 70% in its trading history.
Another example is MNT. Although technically the value of Bybit’s investment DAO is up 56%, it has lost 50% in two years since BIT launched.
The opposite is true of MATIC/POL — POL has shed 56% of its value since it started its token migration in late 2023 but its combined total lifetime returns are nearly 5,000%.
It’s the same as what FTM/S posted throughout its history. Fantom is now focusing on a new chain, Sonic. FTM tokens can be upgraded to S starting in January.
MKR/SKY, on the other hand, is up by only 4% in its combined history.
We could all probably learn something from these examples, whether prices went up, down, or in the opposite direction after rebranding: in case of doubt, reinvent yourself to keep things moving.
It may only be effective once.
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