Are BEN and PSYOP crypto memecoins a scam?

Key Takeaways:

• BEN coin gets picked up by a prominent crypto personality.
• The creator of the coin makes millions and launches another sh*tcoin.
• So, is PSYOP a rug pull or a legit meme coin? (find the difference first)

YEREVAN (Coinchapter.com) – There’s no shortage of meme coins around, and slight market turbulence is enough to make their number grow like mushrooms in the rain.

BEN coin and PSYOP were the latest meme-craze after the nonsense success of amphibian sh*tcoins like PEPE and FKPEPE. Their creator, an entity behind the Twitter handle @ben.eth, is not done making millions.

Here’s a short recap.

BEN coin and how it made ben.eth millions

BEN came about a week back and took the crypto world by storm. Why? Because Ben Armstrong, an online crypto analyst with a large following, picked the coin as a pet project and shilled it. “People all want to invest in themselves, and now Bens can do that,” Armstrong said.

The move sparked a fountain of controversy, with some people claiming he was the initial creator of the project. Even though Armstrong refuted the rumors, he invested $6 million in BEN.

The analyst then claimed that he has the right to shill whatever sh*tcoin he likes, which is hard to argue.

Can people give me a list of coins that I’m allowed to talk about pls CT is now communist and I need the Union to dictate what is allowed and not allowed

tweeted Armstrong on May 14.

The price of BEN rocketed triple-digits May 13-14, reaching $0.00000009657 but has slid 35% since. Will it pick up again? Not clear at this point. However, Armstrong is not worried, citing “vision and execution” that supposedly separates BEN from the pack.

Notably, ben.eth didn’t stop at BEN. He also created a shady meme coin called PSYOP.

Is PSYOP a scam?

Despite making millions in a week, ben.eth is now selling another meme coin. Unfortunately, however, PSYOP has no whitepaper and is not listed by any coin-tracking websites as of May 15. Thus, as it often happens with sh*tcoins, users must TRUST the issuer and essentially buy a pig in a poke.

On May 12, ben.eth asked his followers to send him money and buy PSYOP without giving out a single detail about the project. What does PSYOP represent? Will the project have an actual whitepaper? Does the coin have utility? Without a solid answer, traders raised $6.9 million in a few days, hailing PSYOP “the next PEPE.” Hurray for the mob mentality.

Will the meme coin craze elevate PSYOP to the level of “the next big catch,” or is the completely anonymous project a rug pull?

No one can be certain. However, the get-rich-quick philosophy is a high-risk game, and anyone attempting to chase the next 1000x should be careful. If the meme-coin game feels like a casino, that’s because it IS.

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