Tesla and SpaceX CEO Elon Musk came up with a new post in the crypto money market. Here are the details…
Elon Musk tweet splashed this coin
Elon Musk; His tweet featuring a cat and the enigmatic term “PSYOP” inadvertently triggered a surge in the memecoin market. According to CoinMarketCap, in two days the meme coin PSYOP has surged over 150 percent and is currently trading at around $0.00002106. Let’s examine the background of PSYOP and the events that led to its recent surge.
Here we go again pic.twitter.com/7K9UW9LbJz
— Elon Musk (@elonmusk) June 25, 2023
A memecoin surrounded by controversy, PSYOP was created by a prominent NFT collector known as Ben.Eth, a Twitter influencer. As we have also announced as Kriptokoin.com, on May 12, Ben. Eth has decided to introduce a memecoin called PSYOP. Ben.eth urged community members to purchase the coin by sending ETH to ENS domain wallet “ben.eth” to initiate the pre-sale. On May 17, the wallet received a substantial amount of 3,803 ETH, equivalent to almost $7 million.
— ben.eth (@eth_ben) June 25, 2023
However, PSYOP faced initial struggles as ben.eth faced difficulties in creating liquidity on Uniswap. This led to accusations from community members, labeling the coin as a scam. This caused its value to drop by over 99 percent within a week of its release.
Coin rose 150 percent
Surprisingly, a month later, Elon Musk reignited interest by mentioning PSYOP on Twitter on June 25. This provided ben.eth with an opportunity to dispel the skepticism surrounding the project. Despite PSYOP gaining more than 26 times in 48 hours, it remains more than 99 percent below its previous all-time high. Often referred to as the “Dogecoin King,” Elon Musk has been influential on various memecoin projects lately. On June 18, Musk accused BOB of being a scam and then locked the associated Twitter account, causing a significant drop in the price of BOB within a few hours.
Elon Musk’s mention of the meme coin PSYOP on Twitter caused a notable increase in its value by nearly 100%. However, it is crucial to note that PSYOP has suffered significant losses since its initial launch and is still significantly below its previous peak. Musk’s involvement in meme coin projects continues to attract attention and influence market trends. Meanwhile, investors and enthusiasts continue to watch for their next move in the volatile world of cryptocurrencies.
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