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The latest resurgence of memecoins has seemingly impressed a big shift throughout the NFT ecosystem. Why? As a result of the potential to revenue from buying and selling well-liked tokens similar to $PEPE, $TURBO, and the like is simply too good to move up, even for probably the most staunch NFT merchants.
Whereas open editions and burn mechanics led the pack for the primary half of 2023, memecoins undoubtedly stole the present in April, inspiring each reward and controversy. But, even when buying and selling started to sluggish and costs waned within the wake of a Coinbase fiasco, one NFT influencer emerged as doubtlessly the largest breadwinner of all the memecoin ecosystem to this point.
By launching two of his personal memecoins, a pseudonymous collector often known as Ben.eth managed to generate almost $7 million in ETH, garnering each fanfare and widespread opposition within the course of. Right here’s the way it all went down.
First, there was $BEN
Though Ben.eth was already a considerably well-known collector within the house previous to memecoin season, his engagement seemingly began to choose up when he started tweeting in help of the rising $PEPE neighborhood. After a spell of commenting on value motion and the meteoric rise of the favored token, Ben.eth determined to attempt his hand at launching the same providing.
Enter $BEN, a memecoin carrying the non-public branding of its creator. With $BEN, Ben.eth launched 420.69 trillion tokens into the wild, spurred on by a pre-sale that began on Could 4. Whereas a number of of the tweets referencing the presale have since been deleted, by some accounts, the presale raised round 60 ETH from a number of hundred wallets and closed solely a day in a while Could 5.
Subsequent got here the general public sale, which noticed holder numbers rise into the hundreds. But, shortly thereafter, costs started to pattern downward, and it appeared that the coin would fizzle out earlier than it even had an opportunity to start. That’s till crypto content material creator BitBoy acquired concerned with the mission.
Recognized for his controversial previous and heavy-handed takes on crypto and NFTs, BitBoy, whose actual title is Ben Armstrong, discovered an affinity with $BEN. After first taking to Twitter to talk about the coin on Could 8, Armstrong brazenly introduced his involvement within the mission solely a day later.
After only some days of Ben.eth and Armstrong being on the identical group, the $BEN neighborhood was hit with a little bit of a curveball. On Could 11 it was introduced that Armstrong can be “taking it over 100%” and Ben.eth would turn into an advisor.
At some point later, Ben.eth unveiled his subsequent memecoin.
$PSYOP memecoin warfare
On Could 12, Ben.eth introduced that his new coin $PSYOP, can be launching by way of presale. The coin took its title from a well-liked meme format that references, and at instances makes mild of, the US’ historical past of psychological warfare.
The $PSYOP announcement was seemingly the place the controversy surrounding Ben.eth’s memecoin choices really got here to a head. As a result of whereas the $BEN state of affairs has impressed opposition largely because of its Bitboy affiliation, $PSYOP was flagged by members of the neighborhood for its flimsy launch mechanics — or lack thereof.
In a since-deleted tweet, Ben.eth introduced that, to safe presale $PSYOP tokens, customers have been to ship ETH on to him at his ENS deal with. This meant that potential buyers would want to take Ben.eth for his phrase in the event that they have been to turn into part of the $PSYOP neighborhood, as no contract had been deployed on the time of the presale.
Shortly after his announcement, ETH started flooding into the Ben.eth pockets, and the influencer would finally safe round 3,800 ETH, simply wanting $7 million in only some days. The magnitude of the sale prompted many influential names within the NFT house to remark, with sentiment cut up between these praising the transfer and others going as far as to counsel it was unlawful.
Now that a number of days have handed for the reason that $PSYOP presale started, and a contract nonetheless has but to be established and deployed on the time of writing, skepticism continues to develop because the preliminary hype surrounding the occasion appears to have leveled out. Nonetheless, Ben.eth appears unfazed. He continues to tweet memes in regards to the coin, interact together with his neighborhood, and even share proof from the alleged coin’s developer so as to add clout to the mission.
Absolutely solely time will inform if $BEN and $PSYOP may show to be a champion of memecoins or a cautionary story with authorized implications. Nonetheless, the controversy hasn’t stopped mentions of the token from trending on Twitter, and Ben.eth continues to poke enjoyable at those that name for him to serve jail time because of his accrued fortune.
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