With the recent surge of meme coins, the world of non-fungible tokens (NFTs) has undergone a significant shift. These one-of-a-kind tokens, such as $PEPE, $TURBO, and others, have piqued the interest of NFT traders, providing an irresistible opportunity to profit from the thriving meme coin market. This article delves into the rise of meme coins, with a focus on the controversial journey of Ben. eth, a pseudonymous collector who managed to amass substantial wealth through his meme coin ventures and the $PSYOP Coin drop review.
The Rise of Meme coins: A Change in NFT Dynamics
In April 2023, the dominance of open editions and burn mechanics gave way to the rise of meme coins. Within the NFT ecosystem, these tokens sparked both admiration and controversy. Despite a temporary slowdown in trading activity and falling prices as a result of various exchange incidents, meme coins became the center of attention, capturing the attention of NFT traders all over the world.
Ben. eth: From Acknowledged Collector to Meme Coin Fan
Ben. eth had already established a modest reputation as a collector in the NFT space before the meme coin craze. His involvement gained traction, however, when he expressed support for the growing $PEPE community on Twitter. Ben. eth decided to enter the meme coin market after witnessing the rapid rise and price movements of this popular token, launching his meme coin called $BEN.
$BEN: Unveiling Ben. eth’s Personal Brand Meme coin
GET YOUR HOT FRESH $BEN HERE. WE LIVE. I REPEAT $BEN IS LIVE. ALREADY 1 MIL MCAP. https://t.co/1PW3Nz0hxL
— ben.eth (@eth_ben) May 5, 2023
$BEN, which bears the creator’s branding, was released through a presale that began on May 4. Although some presale-related tweets have since been deleted, it is estimated that Ben. eth raised around 60 ETH from several hundred wallets, with the presale ending on May 5. The subsequent public sale drew thousands of buyers, but prices began to fall, casting doubt on the coin’s future.
BitBoy’s Entry: A Game-Changing Collaboration for $BEN
Some of you are just slow. The important people in the space know and understand the vision.
When we launch our roadmap, this will be the end of the first wave.
Screenshot this: $BEN will be my crowning achievement in crypto. Which is saying a lot. https://t.co/GeFXQ1Lsrm
— Ben Armstrong (@Bitboy_Crypto) May 20, 2023
BitBoy, also known as Ben Armstrong, is a crypto content creator known for his controversial past and outspoken opinions on crypto and NFTs. He became acquainted with $BEN and publicly announced his participation in the project on May 9, just a day after mentioning it on Twitter. The collaboration between Ben. eth and BitBoy was a watershed moment for the $BEN community.
The Disputed $PSYOP: Ben. eth’s Second Meme coin
DO NOT WORRY. EVERY ETH ADDRESS THAT SENT BEN.ETH TOKENS WILL RECEIVE CORRESPONDING $PSYOP TOKENS..BY THE END OF THE WEEKEND.
— ben.eth (@eth_ben) May 12, 2023
Ben. eth’s next meme coin, $PSYOP, was introduced shortly after his partnership with BitBoy. On May 12, he announced the presale launch of $PSYOP. The coin’s name is derived from a popular meme format that refers to the history of psychological warfare in the United States, which is sometimes trivialized. However, $PSYOP was chastised by community members for its dubious launch mechanics.
Investor Trust and Questionable Launch Mechanics
Ben. eth stated in a now-deleted tweet that to obtain presale $PSYOP tokens, users needed to send ETH directly to his Ethereum Name Service (ENS) address. Because no contract had been deployed at the time of the presale, potential investors had to rely on Ben. eth’s word. The announcement sparked both interest and concern among investors, raising concerns about the project’s legitimacy and transparency.
Ben. eth’s Incredible Success: A Multi-Million-Dollar Sale and $PSYOP Coin
Despite the skepticism surrounding the launch of $PSYOP, ETH began to flow into Ben.eth’s wallet, accumulating around 3,800 ETH, amounting to nearly $7 million in just a few days. This significant transaction elicited a wide range of reactions from influential figures in the NFT space. Opinions were split, with some applauding Ben. eth’s bold move and others were concerned about potential illegality.
Contract Deployment Delays and Growing Skepticism
THERE IS NO $PSYOP CONTRACT YET.
— ben.eth (@eth_ben) May 13, 2023
Concerns grew among both investors and skeptics as the $PSYOP presale dragged on without a completed or released contract. Despite mounting pressure, Ben. eth persisted, promoting his meme coin and presenting “evidence” from the alleged coin’s developer to give the project credibility. However, concerns about the project’s legitimacy persisted.
Dissatisfied Listeners and Twitter Space Drama
Ben.eth and $PSYOP will rug.
You will lose all your money.
Here’s why: pic.twitter.com/bwP5wyJR2B
— Aaron (@AaronSage) May 19, 2023
The $PSYOP contract finally went live on May 18, prompting Ben. eth to join a Twitter Space hosted by renowned NFT commentator ThreadGuy. 17,000 people tuned in to hear Ben. eth’s perspective as a meme coin millionaire. Many listeners were disappointed, however, because of Ben. eth appeared contradictory and avoided providing clear answers to questions raised during the session.
Disputes Over Airdrops and Investor Concerns
Early investors began to notice discrepancies between the initial allocations they purchased and what was airdropped to their wallets as the hype surrounding $PSYOP reached its peak following the contract deployment. This fueled even more community discontent and skepticism, raising concerns about the fairness and transparency of the distribution process.
Legal Consequences and Community Reaction
The ethical implications of Ben. eth’s actions have resurfaced in Web3 communities, prompting attorney Mike Kanovitz to consider filing a class-action lawsuit against the now-infamous collector. While Ben. eth has threatened to sue Kanovitz and his firm, the potential legal ramifications of the $PSYOP incident remain unknown, leaving the community in a state of suspense and speculation.
Conclusion: Ben. eth’s $PSYOP Coin Adventure as a Cautionary Tale
While some thought $BEN and $PSYOP could become meme coin champions, the controversy surrounding Ben. eth’s actions and the subsequent skepticism they generated serve as a cautionary tale within the NFT community. In the ever-changing world of NFTs, the rise and fall of meme coins, as exemplified by Ben. eth’s journey highlights the importance of transparency, responsible practices, and community trust. As the community mulls over these events, it serves as a reminder to tread lightly and consider the long-term implications of meme coin ventures.
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