Is It a Rugpull or a Legitimate Investment Opportunity
Meme coins have gained significant popularity in the recent months of 2023 some dubbing it as #memecoinseason2023 #memefyseason etc.
These internet trends, and humour, make memecoins unique from traditional cryptocurrencies. Two of the latest to hit the market are $BEN and $PSYOP.
$BEN which is dubbed “Just another memecoin” with no underlying value, was initially created by a group called Ben DAO made up of all Bens. further investigation discovered it was created by a crypto promoter on twitter who goes by @eth_ben
It was first promoted by Ben Armstrong known as Bitboy crypto a popular crypto blogger. who has since then officially taken over the project as said in a tweet on the official project page
HUGE $BEN Announcement
— Ben Armstrong (@Bitboy_Crypto) May 11, 2023
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.
The project had a 25000% run up after its Launch on May 6th on the Ethereum network. It currently sits on a 26million dollar marketcap
Although many doubt the intentions of the creators of this project it has so far withstood the test of time
Meanwhile, $PSYOP a token created as a conspiracy theory meme by the @eth_ben. Same creator of the $BEN token, is a meme coin that is based on the internet slang “Psyops.”
The coin is designed to bring awareness to the concept of psychological operations and their impact on society.
The token has gained a lot of popularity among the ranks of crypto enthusiasts both critics and supporters recently becoming the most trending token on twitter with over 3.9M Tweets some claiming it could be the next memecoin luring investors into a “rug pull”
Despite the humorous and unique concepts, these meme coins have also faced criticism from the crypto community. Some experts argue that these coins lack fundamental value and are merely speculative investments.
Regardless of the criticisms, meme coins like $BEN and $PSYOP have gained a significant following among investors and traders. The coins’ unique concepts and potential for high returns have attracted many individuals to invest in them. However, as with any investment, it is important to conduct thorough research and understand the risks involved before investing in meme coins.
