BEN, the new meme coin craze token, has increased by 100% since crypto researcher and YouTuber BitBoyCrypto officially acquired Ben Coin.
Ben Coin which surged more than 1000% after BitBoyCrypto AKA Ben Armstrong launched the memecoin is again making headlines. BEN Coin ($BEN) topped the rise, with its price increasing by 94% overnight to a record $0.000000156.
The latest attempt to create waves in the fast-developing meme coin niche is BEN Coin. Despite just being a few weeks old, $BEN has already reached an all-time high of $0.000000188 on May 9, according to CoinMarketCap.
This accomplishment catapulted it into the spotlight, encouraging MEXC, one of the top global crypto exchanges, to list $BEN on May 12, resulting in a modest price increase. This, however, fades in comparison to the bullish wave that has occurred in the last 24 hours.
Ben coin supporter and now official owner Ben Armstrong announced on May 23 that he had finalised the agreement with coin developer ben.eth and had purchased the project.
In summary, on May 17, a rumour circulated that the contract to purchase up the meme coin had fallen through, and Armstrong sold his tokens, implying that he perpetrated a simple 'pump-and-dump' fraud on BEN investors.
BitBoy, on the other hand, dismissed the news as a rumour. "Any rumours that the deal is off are FALSE," the influencer declared, citing his previous explanation of the matter. According to Armstrong, the transaction involved 1,000 ETH and a quarter-million USD paid over a six-month period.
BEN Coin's official Twitter account, on the other hand, hasn't tweeted since May 11, with the exception of retweeting a post from Ben Armstrong, the man behind the BitBoy Crypto YouTube channel. As a result, the initiative is socially inactive because many investors are waiting for a listing and major announcements to forecast the platform's progress.
Ben (BEN) is currently trading at $0.000000130700, having a 24-hour trading volume of $13,710,674. This reflects a price increase of 32.07% in the previous 24 hours and a price increase of 108.23% in the last 7 days. Ben has a market valuation of $54,931,387 with a circulation supply of 420 Trillion BEN.
On a daily time frame, observing the recent moment in Dextools, Ben coin's price action is making a rising megaphone pattern which is followed by a bearish movement later on. The pattern is typically generated when the market is highly volatile and traders are unsure of the market's direction.
This is mainly due to the fact that Ben coin is going through the FOMO phase where investors want to enjoy the skyrocketed price hikes. The 14-day RSI has risen above the 73 mark which confirms the bullish presence. However, this region is considered an overbought region and prices are expected to go down.
Source: TradingView | Dextools.io
Overall, given the lack of a clear driver, the significant price gain of $BEN appears somewhat strange - hence it remains to be seen if $BEN can maintain its upward trajectory or if this spike is only transitory.
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