Benzinga - A new community token called PSYOP has seen a sudden surge of 11,000% over a 24-hour period, amid widespread controversy and criticism surrounding the token’s launch and mechanics.
The Saga: The roots of PSYOP can be traced back to Ben.eth, a somewhat well-known NFT collector in the crypto community, who had previously shown a keen interest in the growing PEPE community.
Ben.eth soon decided to launch his own meme coin offering, $BEN, with 420.69 trillion tokens released in a presale that raised around 60 ETH from a few hundred wallets. Shortly after the public sale, prices of $BEN began to trend downwards, and it seemed as though the coin may not gain any significant traction.
However, things took an unexpected turn when YouTuber BitBoy, whose real name is Ben Armstrong, took an interest in $BEN.
After praising the coin on Twitter, Armstrong announced his involvement in the project and eventually went on to take it over completely.
HUGE $BEN AnnouncementI 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
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Why It Matters: On May 12, Ben.eth announced the launch of a new coin, PSYOP, with a presale that began on May 18. The new token drew even more controversy and criticism for its flimsy launch mechanics and lack of transparency.
During a Twitter Space hosted by NFT commentator ThreadGuy, Ben.eth attempted to clear the air surrounding PSYOP, but many listeners were left dissatisfied with his responses.
The launch was a mess.Many people lost thousands of dollars already.
Do not buy this garbage. You'll get rekt just like these people. pic.twitter.com/FH14gh2tyT
— Aaron (@AaronSage) May 19, 2023
However, things changed when Ben.ETH announced on Tuesday that he had sealed a deal with Armstrong.
"To celebrate the $BEN deal closing, I will be airdropping 1% of the total supply of $BEN to $PSYOP holders on Friday. $BEN holders don’t fret, I will be airdropping you 1% of the total $PSYOP supply," Ben.ETH tweeted.
TO CELEBRATE THE $BEN DEAL CLOSING, I WILL BE AIRDROPPING 1% OF THE TOTAL SUPPLY OF $BEN TO $PSYOP HOLDERS ON FRIDAY.$BEN HOLDERS DON'T FRET, I WILL BE AIRDROPPING YOU 1% OF THE TOTAL $PSYOP SUPPLY.THERE WILL BE A CHANCE TO MULTIPLY THESE AMOUNTS IN THE COMING DAYS, IF…
— ben.eth (@eth_ben) May 23, 2023
Price Action: At the time of writing, PSYOP was trading at $0.0027, according to CoinGecko.
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