The recent launch of the governance token, $BEN, a meme coin project designed for BitBboy’s Decentralized Autonomous community, Ben DAO, has generated considerable buzz within the crypto community. With the success of meme coins such as AiDoge and SPONGE, one can’t help but notice the surge in $BEN’s price in the days leading up to its public announcement.
However, opinions are divided on the origins and authenticity of the project. Some investors believe that the token is associated with the controversial crypto influencer, Ben Armstrong, while others are wary due to the fact that $BEN was live for two days before its public announcement.
Despite the optimism surrounding the project, there remains uncertainty about its next steps. Top crypto influencer RookieXBT, who has over 369k followers on Twitter, has expressed concerns that $BEN could be a risky investment due to potential attention from the SEC directed at Ben Armstrong. If true, the asset’s value could plummet dramatically.
As for $BEN’s technical analysis, while the coin is trading above its 50-Day Simple Moving Average, a strong bullish sign, its Moving Average Convergence/Divergence (MACD) is below the signal line, indicating an upcoming bearish movement in the near future. Even so, $BEN remains above its 200-Day SMA, suggesting that more green days may be ahead.
While the Bitboy token holds potential for significant price volatility, its future is still subject to macroeconomic factors, crypto regulation, and market sentiment. Simultaneously, other new meme projects are gaining traction and showing bullish sentiments in the short term.
AiDoge (AI), a revolutionary Web3 token that powers a Web3 platform allowing users to create, share, and vote on memes, has attracted significant interest. With its diverse utility, the presale of $AI tokens has reached the 9th stage, raising more than $5.1 million so far.
On the other hand, Spongebob (SPONGE) saw a 767% increase upon hitting Uniswap on May 4th, without undergoing rigorous presale processes. Its current market capitalization exceeds $9.28 million, and its trading volume has reached over $5.5 million with more than 420 holders.
In conclusion, while the launch of $BEN is surrounded by both enthusiasm and skepticism, its future remains uncertain. With the sustained popularity of meme coin projects, such as AiDoge and SPONGE, investors must carefully consider their options and weigh the risks and rewards associated with these volatile tokens.
Source: Cryptonews
