Ben.Eth, Bitboy Armstrong Deal Sent Psyop Shooting 11,000% — What's Going On

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. 

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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.

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.

Price Action: At the time of writing, PSYOP was trading at $0.0027, according to CoinGecko.

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