In a surprising turn of events, popular digital currency YouTuber Ben Armstrong, known as BitBoy Crypto, has reportedly dumped all his BEN token holdings. This comes just a week after he promised his community that the fan tokens would be locked for six months. Twitter user and self-proclaimed on-chain sleuth, Amir Ormu, broke the news through a tweet containing screenshots of addresses linked to Armstrong.
Ben Armstrong launched BEN tokens after witnessing the popularity of memecoin PEPE, which turned many early investors into millionaires. Despite the controversy and self-serving motives, Armstrong’s BEN tokens received massive support due to his fame within the digital currency community. To address concerns of potential token dumping, Armstrong tweeted on May 10th that he would not sell any $BEN coins for six months.
As expected, the news has generated mixed reactions within the community. Some individuals have expressed that the move is not surprising, given Armstrong’s reputation for unpredictable behavior. This selloff has been classified as a rug pull event, a common occurrence in the digital currency world. In such cases, the token is expected to experience a significant selloff, leading to a substantial drop in value.
Interestingly, the BEN token is still being traded at a price of $0.00000008324, up by more than 6.20% at the time of writing. The token also maintains a market capitalization of $33.96 million, ranking it as the 2657th largest digital currency according to data from CoinMarketCap. This could suggest that the market may not have fully absorbed
Source: Coingape
