Ben Armstrong, the YouTube influencer also referred to as BitBoy, has bought his BEN tokens for 43 ethereum (ETH) lower than per week after telling followers that he was dedicated to holding them for six months to make critics “dumb once more”.
BitBoy dumps BEN
On-chain knowledge from Could 17 shows that the influencer, who rose to fame on YouTube, the place he has over 1 million followers, offloaded all his BEN holdings in a collection of transfers on Could 17.
He earned roughly 43 ETH from his transactions, value roughly $78,000 at present charges.
Presently, BEN is held by 16,379 customers. The token price can also be up roughly one p.c on the final day.
With the variety of holders growing, transfers have risen to 103,725, pushing the entire market cap to $34,886,097, in keeping with CoinMarketCap data.
Regardless of BitBoy’s resolution to promote, the token is greater versus ethereum (ETH) and bitcoin (BTC) on the final buying and selling day.
Nevertheless, there’s a appreciable drop in buying and selling volumes. CoinMarketCap knowledge shows that common buying and selling volumes have greater than halved from $16,281,055 on Could 14 to $6,164,390 on Could 16. This represents a substantial drop from $93,686,642 recorded on Could 9.
Contemplating the token launched on the Ethereum blockchain, BEN’s buying and selling volumes are excessive in Uniswap v3, a decentralized alternate. Nevertheless, some centralized exchanges, together with MEXC and LBANK, have additionally listed BEN, the place it’s paired with USDT, the world’s largest stablecoin.
One other meme token
On Could 8, BitBoy clarified that he didn’t create BEN however owns the token. As an alternative, it was created “on behalf of a gaggle he was in referred to as Ben DAO that’s made up of all Bens”.
Nonetheless, BEN stays a token related to BitBoy’s decentralized autonomous group (DAO) that folks can spend money on.
BEN has no utility, except for no matter some other meme token does for its holder.
The token joins an extended listing of meme cash much like pepe coin (PEPE) that the communities of token holders imagine will rise.