Pseudonymous NFT collector turned celebrity meme coin creator Ben.eth has recently gained significant attention and wealth with more than $7 million in ETH sales in just the past seven days, thanks to his latest memecoin called $PSYOP. Investors, eager to replicate the success of his first meme coin launch $BEN, rushed to join despite the numerous red flags surrounding the unorthodox PSYOP presale.
Encouraged by a more than 5,000% one-day rally for $BEN back in May, investors had no qualms about sending money directly to Ben.eth’s Ethereum address, despite the risk of a rug pull. Interestingly, the risk didn’t materialize, and Ben.eth launched the token on Uniswap late on Thursday, followed by an airdrop of the new token to presale participants. Currently, PSYOP boasts a market cap of around $570 million. While trading volumes remain suppressed, a website for the project is expected to be launched soon.
Nevertheless, the launch of $PSYOP hasn’t been without controversy. Ben.eth is now facing potentially significant legal troubles. Mike Kanovitz, owner of law firm Loevy & Loevy, announced that he would be filing a class-action lawsuit against the meme coin creator unless all the ETH collected in the presale is returned immediately. Additionally, some early investors reportedly lost most of their ETH due to slippage during the purchase of PSYOP.
With the buzz and the controversies surrounding $PSYOP, investors might want to consider alternative meme coin investments like Copium Token (COPIUM) and AiDoge (AI). Launched on Thursday after a few days of hype building and an invite-only presale, Copium Token saw massive trading volumes in excess of $44 million in the past 24 hours. Its smart token distribution plan prevents presale participants from dumping their holdings on the market, ensuring a more stable investment.
AiDoge, on the other hand, aims to create a fun AI-powered meme-generating tool and social media platform. Building on the concept of “meme-to-earn,” AiDoge plans to reward creators of popular memes with its native $AI token. With $9.9 million already raised via the public presale of the $AI token, AiDoge presents a promising potential investment.
Although the recent popularity of meme coins like $PSYOP, Copium Token, and AiDoge shows a significant investor appetite for getting in on potentially high-return projects, it is also essential to exercise caution and judiciousness when investing—particularly when several controversies and risks surround the projects.