Controversial crypto influencer Ben Armstrong, alias BitBoy, has announced the launch of a new cryptocurrency token $BEN.
BEN is the governance token for Bitboy’s decentralized autonomous community tagged Ben DAO.
The influencer took to Twitter to share the development on May 8, highlighting a few key elements about the token.
$BEN is the newest meme coin to join a long list, with an as-yet unknown utility other than ‘being better than JEFF token’, Armstrong stated.
Ben Token Touted As Top Of The Meme Coin Cycle
According to widely followed crypto Twitter account @inversebrah, BEN had already been trading for two days before Ben Armstrong’s disclosure.
The social sentiment for BEN has also been mixed.
Some traders reacted badly to BitBoy not informing them earlier about the coin. Crypto McKenna, another well-known Twitter influencer with 61.5K followers, even branded Bitboy’s token as a top signal for meme coins.
Some think Bitboy created the token, but he claims the token was created by another party on behalf of his group, Ben DAO.
In BitBoy’s words, that decentralized autonomous organization is made up of “all the important Bens in crypto.” Bitboy went on to say that Ben token started as a fun thing that he didn’t expect will get serious.
When asked why he decided to do it, Bitboy said the coin’s market cap became $1 million overnight while he was asleep, turning what started as a joke into a serious investment.
Ben Armstrong also disclosed he has Ben tokens in his portfolio. He listed some key facts about the coin noting it bears his name and that Ben DAO is on Telegram.
Again, Bitboy made bullish remarks about his Ben token, touting it as a better coin that will outpace JEFF coin to become the number one.
With 1 million Twitter followers, Ben is loved by some and hated by others. He’s particular famous for his spat with defunct exchange FTX’s former CEO Sam Bankman-Fried.
He criticized Bankman-Fried over the collapse of the crypto exchange, condemning several celebrities for promoting FTX. Bitboy even traveled to the Bahamas during the FTX fiasco to confront Bankman-Fried.
New Cryptocurrency $BEN Goes Viral With Initial Price Rally
CoinGecko data shows Ben token currently has an over $8 million market cap. Its 24-hour trading volume is $40 million.
The token reached an all-time high of $0.000000057 on May 8.
CoinMarketCap data shows the token has increased over 180% in the last day and trades at $0.000000026. The Ben/WETH pair currently has a liquidity of $1.5 million.
Trending Meme Coin Alternatives
While the token has performed well so far, Ben’s dogged reputation on crypto Twitter could affect the $BEN price in the coming days, with several influencers critical of his new project.
This week we highlighted some new trending meme tokens in this article that could be a better bet.
Also see our recently updated breakdown of the 16 best new cryptocurrency projects of 2023.
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