PSYOP Token Sees An Increase In Price By Around 1,000%

Meme coins continue to remain a hot topic for various investors due to their nature and high popularity. Recently, the crypto market experienced an explosive increase in the price of PSYOP tokens.

It saw a record increase in its price of around 1,000%. However, this exceptional surge in the price is raising questions in the past which has been called a scam by an independent media studio.

Ben.eth’s New Meme Coin $PSYOP Leads to $7 Million in Sales

Ben.eth, renowned creator of different meme coins and an NFT enthusiast, has gained a lot of attention and success with his most recent project $PSYOP.

In the last week or so, he has been able to raise a whopping amount of more than $7 million in ETH transactions through a pre-sale of his new meme coin. It gained momentum after the renowned crypto enthusiast, Ben Armstrong, endorsed this project.

He also become in charge of the venture and took control from Ben.eth for an anonymous amount. While there were a few warning signs in the presale of the $PSYOP, investors continued to show their faith in this meme coin.

They invested a huge amount of funds into Ben.eth’s Ethereum wallet which reached a total of 3,860 ETH. This instance shows the growing eagerness of the investors who continued investing in the trending meme coin even though it comes with high potential risks.

PSYOP Sees Massive Increase Despite Concerns About it being a Scam

The value of the PSYOP coin has increased by an astounding 1,000%, sparking a flurry of conversation in the cryptocurrency community. It has been making headlines due to its massive attraction from investors.

However, this sharp price increase has sparked skepticism, leading some to question if it could be yet another cryptocurrency fraud. Many experts are cautioning investors as meme coins have been known for their massive devaluation.

In the meantime, the founder has faced a lot of criticism, mostly because he didn’t complete his pledge to give his cryptocurrency investors their guaranteed allocations. Former FTX and Ethereum engineer Vydamo also showed his concern regarding the creator’s intention with the community.

Separately, on May 16, an independent media company called out PSYOP for associating it with the company. It stated that Ben.eth made an effort to associate the coin with the media company despite both having no link.

It claimed that it was unrelated to this token and that spam accounts associated with it were “manipulating the brand’s content to advertise and market the bogus crypto token.”

The $PSYOP cryptocurrency, according to the media studio, is a “scam from top to bottom.” Additionally, it stated that the token sale had been reported, although it was not specified to whom.

There is no evidence that @ben.eth planned for the token to profit from the company, even though the company itself is a small business. However, given the token’s general integrity and trust, the studio’s accusations have some merit.

Growing Concerns for the Usage of Meme Coins

Meme coins have been in the market for quite some time and their growing demand has been a concern for traders and crypto experts. Many believe it’s used as a “pump and dump” strategy by the creators.

Experts have also pointed out that the meme coins are completely “futile” and lack credibility. Unlike other coins like Bitcoin and Ether, which have the potential to become a part of the financial system, meme coins have nothing to offer.

This has been a concerning aspect for various analysts and experts. As a whole, the crypto industry has come under strict scrutiny due to the crypto winter of 2022.