The cryptocurrency market has recently seen the launch of a new token, BEN, which experienced substantial volatility shortly after its introduction. While the token’s price surged 300% in a matter of hours, it later dropped 200% within the same day. Despite this, the token has managed to trade on the decentralized exchange Uniswap with about $2 million in liquidity.
This newfound token garnered significant attention on Crypto Twitter after YouTuber Ben “Bitboy” Armstrong announced his involvement with it. Although some may have concluded that Armstrong was behind the creation of BEN, the crypto influencer has denied any such claims. According to him, the creator and founder of the token is Twitter user ben.eth, who sparked the idea for BEN within a Telegram group consisting of individuals sharing the name ‘Ben’ – including several high-profile figures within the crypto space.
It’s worth noting that Armstrong is currently facing legal battles for allegedly promoting the infamous crypto exchange FTX and is one of those being sued in a class-action lawsuit. Despite the ongoing case, Armstrong continues to produce content and maintains a substantial online presence with 1 million Twitter followers and 1.4 million YouTube subscribers.
The BEN token has also attracted attention on CoinMarketCap, with an initial market capitalization of $16.5 million reported. However, it should be noted that the credibility of this valuation could not be verified, and the display of market capitalization on CoinMarketCap has since been removed. At the time of writing, the token’s 24-hour volume surpassed $47 million.
This recent surge in interest for BEN comes amid a frenzy of meme-inspired coins. PEPE coin stands out in this regard, having exceeded a $1 billion market cap after Binance added the token to its innovation zone – a section of the exchange that traders can access only after acknowledging the potential risk of significant financial loss.
While the rapid spikes and drops in the value of the BEN token may spark excitement for crypto enthusiasts, it also raises concerns about the sustainability of such investments. With a myriad of high-profile individuals drawn to the token, it exemplifies the ongoing dynamic and speculative nature of the cryptocurrency market. However, the introduction of these meme-based tokens poses questions around their role in the market and highlights the responsibility of traders when investing in potentially volatile assets.