Pseudonymous NFT collector turned celebrity meme coin creator Ben.eth has raked in a huge more than $7 million in ETH sales in the past seven days via a presale of his next memecoin called $PSYOP.
Investors were eager to get in on Ben.eth’s latest meme coin project in wake of the success of his first meme coin launch called $BEN.
$BEN enriched its early investors with a more than 5,000% one-day rally back on the 8th of May, which was precipitated by an endorsement from crypto influencer Ben Armstrong, who eventually ended up taking over the project from Ben.eth for an undisclosed fee.
The success of the unorthodox PSYOP presale highlights elevated investor fervour to get in early on what could be the next trending meme coin, despite Ben.eth’s presale having some serious red flags.
Investors were told to send money directly to Ben.eth’s Ethereum address and they did so in droves, forking out a total of more than 3,843, despite the risk that the presale could have been a rug pull.
PSYOP Immediately Claims Massive Market Cap
But a rug pull it wasn’t.
Ben.eth launched the token on Uniswap late on Thursday and promptly began airdropping the new token to presale participants.
PSYOP has immediately surged to a market cap of around $570 million, with airdrop receivers encouraged not to move or sell their tokens, lest they miss out on receiving more tokens in the second stage of the airdrop.
That is keeping sell pressure limited for now, and keeping trading volumes suppressed – according to DEX Tools, only around $8.7 million in PSYOP was traded over the last 24 hours.
In terms of whats next for the project beyond additional airdrops, Ben.eth just announced that a website will soon be up and running.
Ben.eth might also have found himself in legal trouble over the presale.
Mike Kanovitz, owner of law firm Loevy & Loevy, announced on Twitter on Friday that he would be filing a class action against Ben.eth unless he refunds all of the ETH collected in the presale immediately.
Other Meme Coins to Consider
Ben.eth has created huge buzz with his $PSYOP meme coin launch, but the launch hasn’t been without its controversies.
Beyond just potentially facing legal troubles over the presale, some early investors found that they lost nearly all of the ETH they attempted to use to buy PSYOP via slippage.
Investors might want to consider alternative meme coin investments that also hold the potential for massive upside.
Here are two meme coin projects that analysts at Cryptonews.com are monitoring right now.
Copium Token (COPIUM)
After a few days of hype building and an invite-only presale, Copium Token (COPIUM) was launched on Thursday and enjoyed an explosive start to life.
COPIUM hit a high of $0.016 on Thursday, around 16x up versus its presale and listing price of just over $0.001 and has seen massive trading volumes in excess of $44 million in the past 24 hours.
COPIUM/USD was last changing hands around $0.06 per token, meaning its early investors are still well in the green and the token is closing in on having 3,000 holders.
Given the token’s 1 billion supply, that implies a fully diluted market cap of around $8 million.
But amid the impressive list of influencers who are involved in the project who will help market the coin alongside a series of media partnerships, the coin could yet pump a lot higher.
One of the best-selling points of COPIUM is the project’s token and NFT airdrop competition, which is built to incentivize HODLing for at least the next three weeks.
Another great selling point is that the presale participants are not able to dump their holdings on the market.
Only 10% of their tokens were unlocked at the time of the Uniswap listing, with the rest to be vested over the next three weeks.
Copium’s fun play on the theme of crypto degenerates needing to cope with their substantial losses means it could be a big hit, as that is something many in the crypto space can relate to.
AiDoge, a fun AI-powered meme-generating tool and social media platform, could be a huge hit as not only is it a meme coin, but also boasts a solid use case and utility.
AiDoge is building a platform where users can generate memes using breakthrough generative AI technology, before sharing them with the AiDoge community via the platform’s public wall.
The creators of the most popular memes will be rewarded with AiDoge’s native $AI token, meaning that AiDoge is bringin the concept of “meme-to-earn” (M2E) into reality.
AiDoge has already raised a huge $9.9 million via the public presale of its native $AI token and investors should move quickly whilst they can still secure the token at what observers say is a substantial discount versus how high $AI has the potential to go.
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