Key Takeaways:
- BEN coin has pumped 100% since May 18.
- RSI divergence could pare Ben’s gains
- BitBoy Crypto confirmed the deal of buying out the coin.
YEREVAN (CoinChapter.com) – BEN, the new meme coin-craze token, surged 100% since the turbulent May 18, when the crypto influencer and the coin’s proponent Ben Armstrong seemingly dumped the coin, causing a sell-off but refuted the rumors and pumped the meme coin further, triggering a rally.
As a result, the BEN coin changed hands at $0.0000001171 on May 23.
The rally peaked at $0.0000001557 in the Asian-Pacific hours but lost momentum, dropping the coin 26% in the two hours. Moreover, the relative strength index (RSI) graph hinted at more losses ahead.
In detail, while the price action achieved higher lows throughout the previous two days, the RSI printed lower lows. Such deviance from the price action could mean further correction for BEN.
Meanwhile, the reason behind the pump is noteworthy.
BitBoy confirmed the deal of buying out BEN
Ben coin proponent and now official owner Ben Armstrong tweeted on May 23 that he finalized the deal with the coin creator ben.eth, and purchased the project.
His following didn’t approve of the news unanimously, with comments ranging from “we’re so lucky to have you” to “you rugged us three days ago.”
In short, on May 17, a rumor started circulating that the deal of buying up the meme coin was off, and Armstrong sold his tokens, which would mean he pulled off a simple ‘pump-and-dump’ scheme on BEN investors.
However, BitBoy refuted the news, brushing it off as gossip. “Any rumors that the deal is off are FALSE,” claimed the influencer, citing his earlier explanation of the situation. According to Armstrong, the deal involved 1,000 ETH and a quarter of a million dollars paid in the plan of six months.
He then said that he would not have any control over the mentioned coins and that removing his wallet was “necessary.” “I could have broadcasted it, but I didn’t. I didn’t want to cause waves, yet here we are,” Armstrong added.
Also read: Are BEN and PSYOP crypto meme coins a scam?
