On June 28, the price of the controversial memecoin created by anonymous token issuer Ben.eth dropped dramatically from $0.0005073 to just $0.0001977. According to CoinMarketCap, PSYOP reached its lowest value in the morning when its price was almost $0.0001608. At press time, the PSYOP token is worth $0.00018.
On June 25, former Twitter CEO and prominent entrepreneur Elon Musk reposted his old tweet from 2022, which featured a cat and the caption "I wake up there is another PSYOP."
Although the comments under the tweet suggest that the PSYOP Musk mentioned meant "a psychological operation driven by the mass media," which "refers to a deliberate effort to influence the beliefs, attitudes, or behaviors of a large audience through the strategic use of media channels," Ben.eth used this post to promote his token by claiming that the PSYOP project was endorsed by Musk.
Amid the hype unintentionally created by Mysk's tweet, PSYOP's price skyrocketed from $0.0005646 to nearly $0.001, although this increase was still quite modest compared to the all-time high the token enjoyed shortly after its inception. On May 24, PSYOP had a record value of $0.004157.
After the temporary success, the PSYOP community turned against the memecoin issuer and is now actively discussing the prospect of Ben.eth being banned on Twitter for using racist language. The more burning issue, however, is the sudden drop in the PSYOP price, which memecoin investors attribute to possible dumping activities.
This is just another chapter in the thrilling story of Ben.eth’s career as a memecoin issuer. His projects PSYOP and LOYAL were accused of being "rug pull scams" from the very beginning when crypto investors had problems with token airdrops. Mike Kanovitz, founding partner of civil rights law firm Loevy & Loevy, even threatened the mysterious token creator with a class action lawsuit, demanding the return of lost funds to memecoin investors. Meanwhile, Ben.eth’s collaborator, crypto influencer Ben Armstrong aka BitBoy Crypto, decided to end the partnership, which led to a flood of public accusations and threats on Twitter.
Moreover, the notorious memecoin creator claims that he was attacked tonight.
"They [the attackers] said they would check up on me multiple times tonight to make sure I am safe," Ben.eth complained to his followers, but received no sympathy other than a request to "do something to make the price go up."
Meanwhile, the identity of the anonymous entrepreneur may be no longer in the dark. On June 16, NFT influencer Pauly0x, founder of Not Larva Labs, a royalty-free marketplace for the NFT collection CryptoPhunksV2, revealed the results of his private investigation in which he claims to have found the person behind the Ben.eth Twitter character.
"He is a tweaker from Durango, Colorado. His excuse to avoid fighting me in a boxing match was that he didn’t want to reveal his personal identity," Pauly0x wrote on Twitter. The NFT issuer also disclosed the PSYOP creator's sensitive information, which caused controversy in the crypto community. While many unlucky investors felt relieved to know the real person behind the memecoin project, some Twitter users advised Pauly0x not to post personal photos of Ben.eth, especially those featuring other people. Some Ben.eth followers even reported Pauly0x to Twitter moderators for exposing private information without permission.
In the meantime, Ben.eth rushed to let Pauly0x know that "no one cares" about the findings. He also agreed to join the fight mentioned by the NFT creator after all.
PSYOP and LOYAL investors could not agree with the token creator. They asked Ben.eth about the purpose of remaining anonymous if he did not care about being found and warned him that The SEC may care about his identity.