$BEN is a meme-turned-adoption token that saw a +1,000% increase shortly after Youtuber and Crypto Twitter influencer BitBoy took an interest in it about 1-month ago.
The $BEN token was launched on May 5, 2023, by a relatively unknown Twitter influencer at the time, going by the name of Ben.eth. Now you ask, ‘Who is Ben.Eth?’. He is an anonymous figure that emerged to gain significance during the recent memecoin boom. Initially, there was very little interest in the token, which only raised a modest 55 Ethereum during its crowdfunding effort. However, things took a turn for the best when crypto influencer Bitboy promoted the token on his YouTube and Twitter channels, and eventually took over the entire project.
How the $BEN Token Took Off
Ben.eth has now emerged as a popular Twitter figure in crypto circles, raising tens of millions of dollars for crypto projects, such as $PSYOP, $LOYAL, and #FF6000; from his more than 111k followers. However, when he launched the $BEN token, it did not garner the interest that he had hoped for. Shortly after, Ben.eth reached out to Ben Armstrong, also known as BitBoy.
BitBoy tweeted about the meme coin and said that it was a token for people named Ben. He explained that the token had been borne out of a Telegram group for people named Ben. Within 24 hours of the tweet, the $BEN token saw a meteoric rise in price of around +1,000%. The hype around the $BEN token continued until the price peaked on May 26, 2023. Ben Armstrong later clarified that while he had not created the $BEN token, but he had agreed to purchase the entire project from Ben.eth.
While its price has depreciated from its May high, it continues to regain momentum. Trading data on CoinMarketCap shows that the token is on another upward trajectory. The token is listed on all major decentralized exchanges, including Uniswap V2 and V3, and several centralized exchanges, such as Poloniex, Bitget, and MEXC.
Initially, data on CoinMarketCap showed that the coin had a market cap of $16.5 million. Nevertheless, the site stopped showing the market cap, claiming it could not verify it. CoinMarketCap continued to show the 24-hour trading volume, which was close to $50 million at its peak. As of June 24th, the 24-hour trading volume for the $BEN token is around $3 million.
[Click The $BEN Chart Above To Trade On DexTools]
The Recent Rise of Meme Coins
The past few months have seen a renewed interest in meme coins, like $BEN. It all began with the PEPE memecoin craze in mid-April. The PEPE token became so popular that its value rose to as much as $1.5 Billion. Since then, various meme coins have made their way onto the scene, hoping to replicate the success of PEPE.
The rise of PEPE was assisted by the industry’s international powerhouse, Binance.com, when it announced that it would add the token to its innovation zone. It is a zone where traders can gain access, once they acknowledge the potential for huge losses betting on meme coins and agree to take on all risk.
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