Controversial crypto influencer Ben Armstrong, also known as Bitboy, recently announced the launch of a new cryptocurrency token named BEN, which serves as the governance token for Bitboy’s decentralized autonomous community, Ben DAO. The announcement, made on Twitter on May 8, sparked mixed reactions from the crypto community.
BEN has been labeled a meme coin token, with some users claiming it was already trading for two days before Armstrong’s disclosure. Social sentiment for the newly launched token appears generally positive, although a few were disgruntled that BitBoy did not inform his followers sooner. Interestingly, reputable Twitter user McKenna branded Bitboy’s token as a top signal.
Armstrong has claimed that he does not own the token, but that it was created for his group, Ben DAO, which comprises “all the important Bens in crypto.” Initially started as a fun project, the coin quickly gained traction when its market cap reached one million dollars overnight, turning it into a more serious investment. Armstrong has also confirmed that BEN tokens are part of his portfolio.
Despite being a controversial figure with a dedicated following, Armstrong has garnered his fair share of critics. Notably, he was involved in a dispute with the former CEO of the now defunct exchange FTX, Sam Bankman-Fried, blaming him for its collapse and condemning various celebrities for promoting the platform. There were even reports that Armstrong traveled to the Bahamas to confront Bankman-Fried during the FTX crisis.
BEN’s current market cap sits at over $21.9 million, with a 24-hour trading volume of $37.83 million, representing a 93% increase in the last day. The token reached an all-time high of $0.000000056947 on May 8, a 159.47% price increase from its initial value. CoinMarketCap data reveals the token’s value has surged over 400% in the last day, trading at $0.0000000458, while the Ben/WETH pair currently holds a liquidity of $1.97 million.
Although the token has performed well thus far, Armstrong’s polarizing reputation on crypto Twitter may have potential implications for the $BEN price, as several influencers voice their skepticism over his latest endeavor. As a result, crypto enthusiasts should keep an eye on alternative trending meme tokens that may present more favorable opportunities in the near future.