Pseudonymous Creator Ben.eth Rakes in $7 Million in Suspicious Meme Coin Presale – Here's the Latest
Pseudonymous NFT collector turned celebrity meme coin creator Ben.eth has raked in a huge more than $7 million in ETH sales in the past seven days via a presale of his next memecoin called $PSYOP.
Investors were eager to get in on Ben.eth’s latest meme coin project in wake of the success of his first meme coin launch called $BEN.
$BEN enriched its early investors with a more than 5,000% one-day rally back on the 8th of May, which was precipitated by an endorsement from crypto influencer Ben Armstrong, who eventually ended up taking over the project from Ben.eth for an undisclosed fee.
The success of the unorthodox PSYOP presale highlights elevated investor fervour to get in early on what could be the next trending meme coin, despite Ben.eth’s presale having some serious red flags.
Investors were told to send money directly to Ben.eth’s Ethereum address and they did so in droves, forking out a total of more than 3,843, despite the risk that the presale could have been a rug pull.
But a rug pull it wasn’t.
Ben.eth launched the token on Uniswap late on Thursday and promptly began airdropping the new token to presale participants.
PSYOP has immediately surged to a market cap of around $570 million, with airdrop receivers encouraged not to move or sell their tokens, lest they miss out on receiving more tokens in the second stage of the airdrop.
That is keeping sell pressure limited for now, and keeping trading volumes suppressed – according to DEX Tools, only around $8.7 million in PSYOP was traded over the last 24 hours.
In terms of whats next for the project beyond additional airdrops, Ben.eth just announced that a website will soon be up and running.
Ben.eth might also have found himself in legal trouble over the presale.
Mike
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