Popular cryptocurrency YouTuber Ben Armstrong, known as BitBoy Crypto, has sold these altcoin holdings.
Analyst sold BEN tokens! Big crash coming?
Popular cryptocurrency YouTuber Ben Armstrong, known as BitBoy Crypto, has abandoned all BEN token holdings a week after promising his community to keep his fan tokens locked for 6 months. The news came from the Twitter user who introduced himself as on-chain Sleuth. The last development emerged when the user shared screenshots from addresses linked to Armstrong.
Bitboy sold all of his $BEN tokens that he committed to not selling them for 6 months❗️
Bitboy's address which he doxxed it by himself:
0xf89e0b9fb3F419d5982386B5923e2F7C2e73f3a2 https://t.co/GVvrAeVnJ5 pic.twitter.com/OcoKQaKKzH— Amir Ormu (@AmirOrmu) May 17, 2023
As you follow on Kriptokoin.com, Ben Armstrong is known for his highly controversial stance in the market. The analyst launched BEN tokens after seeing the hype for the popular meme-coin PEPE, which propelled many early backers to millionaire status. Meanwhile, Armstrong is a very popular face in the cryptocurrency ecosystem. Armstrong’s BEN tokens got a big hug despite the controversy put forth by community members and the self-serving motivation behind the launch. The analyst addressed general concerns that he will abandon tokens based on pedigree. In this context, he said in a tweet he shared on May 10;
I have committed not to sell any BEN coins for 6 months. I still do not intentionally lock these coins. You ask why? To piss off the haters who say I’m a scammer, a crook, and a P&D guy. I’m going to make them stupid again.
Meanwhile, news of the token sale received a series of mixed reactions from the community. Some said that Armstrong was known for such behavior, so the move was not surprising.
Outlook for altcoin token
The sale of BEN tokens is more or less classified as a ‘rug pull’ event that is very common in the cryptocurrency ecosystem. In events like these, the token is expected to see a disastrous sell-off to push it down a mile. Surprisingly, the BEN token continues to change hands at $0.00000008324, up more than 6.20% at the time of writing. The token still has a market cap of $33.96 million. It also maintains its position as the 2657th largest cryptocurrency according to data from CoinMarketCap.
BEN daily price chart / Source: CoinMarketCapLooking at the price, it seems that the market has not fully digested the sales news. Also, the overall chart trend is seeing a very wide volatility in the coin that may not be able to maintain the $0.000000080 support level. All eyes are on BitBoy Crypto to defend this token dump. In this environment, according to experts, BEN appears to be one of the tokens that can follow in the footsteps of XIRTAM, the ‘rug pull’ event by the team.
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