The deal between crypto phenoms Bitboy and ben.eth is quickly changing things up in the meme coin market. 2 altcoins, one of which was newly launched, gave 110x returns to its first investors in a short time. The story begins like this…
Things took an unexpected turn when YouTuber BitBoy took an interest in BEN
A meme coin called PSYOP has debuted in the past few weeks. The crypto community has had widespread discussions regarding the launch and mechanics of the project. The same trouble occurred around Pepe Coin, which started to rally in mid-April. PSYOP price spiked the entire discussion with a spike of 11,000% in 24 hours.
PSYOP’s roots can be traced back to Ben.eth, the widely followed NFT collector who has previously shown a keen interest in the PEPE community.
Ben.eth soon decided to launch its own meme coin, BEN, with 420.69 trillion tokens released in a pre-sale that raised around 60 ETH from several hundred wallets. Shortly after the public sale, the BEN price began to decline. On the face of it, it seemed unlikely that it would gain any significant momentum.
Altcoin hunter BitBoy steps in
Things turned upside down when crypto phenom Ben Armstrong, known as BitBoy, became interested in BEN. Initially, expectations were very low for BEN marketed by Ben.eth. BitBoy, who stepped in, announced that he was involved in the project after praising the meme coin on his Twitter account. Eventually BEN took over the token completely.
HUGE $BEN Announcement
I did not launch the project. But I am now taking it over 100%. @eth_ben and I have agreed in principle to an agreement where all of the assets and liquidity for @bencoin_eth will be transferred to me within a week.@eth_ben will become an advisor.
— Ben Armstrong (@Bitboy_Crypto) May 11, 2023
Background
On May 12, Ben.eth announced the launch of PSYOP, which began pre-sale on May 18.
During a Twitter meeting hosted by NFT commentator ThreadGuy, Ben.eth tried to explain the special aspects of PSYOP. However, many listeners were dissatisfied with their response. Ben.eth failed to persuade altcoin hunters to buy PSYOP.
He launched the coin and fed it minimal liquidity (aka slow leak).
This is causing people to buy 1-99 $PSYOP for thousands of dollars. pic.twitter.com/d5TUrLteD5
— Aaron (@AaronSage) May 19, 2023
Me.ETH and BitBoy agreement
Ben.ETH signed a deal with BitBoy later on Tuesday. Thus, the interest in the meme coin was completely reversed.
According to Ben.ETH’s announcement, “To celebrate the closing of the BEN deal, I will airdrop 1% of the total BEN supply to PSYOP holders on Friday. BEN owners don’t be upset. I will airdrop 1% of the total PSYOP supply to you.
https://twitter.com/eth_ben/status/16608743990198968320
The PSYOP price went up 110x in just 24 hours and there were a few investors making high profits. Meanwhile, while these crypto phenoms are busy announcing new projects to the community, the US courts are approaching the situation differently.
BitBoy is under scrutiny for the altcoin it supports
Crypto players have been watching the sudden rallies in the meme coin market since April. Pepe (PEPE), BOB Token (BOB), Cult DAO (CULR), Agility (AGI) and Delysium (AGI) were some of them. BitBoy and Andrew Tate are now under the spotlight for supporting such crypto ponzis, as we quoted as Kriptokoin.com.
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