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LOYAL Token Down almost 50% after Forced Launch and Airdrop Blunder

Pathik Bhattacharya
Pathik Bhattacharya Published on June 02, 2023 04:59 PM

In a twisted turn of events, Ben.eth has to force launch the LOYAL Token airdrop, one of the most anticipated Airdrops, which resulted in a later dump in the token's price. Holders are disappointed with this.

LOYAL Token Down almost 50%
Source: Twitter

LOYAL Token, which has been making headlines as the latest memecoin in the industry, is facing backlash from the community and investors. $LOYAL is a community token which has been developed by the famous whale Ben.eth as his third memecoin in a row after Ben Coin and PSYOP.

The LOYAL token took no time to gain social engagement as the previous two tokens (BEN & PSYOP) have given investors more than 100% return after the launch. However, this time, due to the forced Airdrop and launch on Uniswap, the token has been dumped, leading to a heavy loss after the presales phase.

Let's see what caused the LOYAL token to plunge drastically after the presales round.

LOYAL Airdrop Has Been Released all at Once

Ben.eth recently launched an airdrop of $LOYAL tokens specifically for presale participants. However, the much-anticipated airdrop went wrong, with reports claiming that recipients received only a rumoured 25% of the promised tokens, resulting in an instant drop in the token's value. This turn of events has left investors dissatisfied and justified in their dissatisfaction.

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When the remaining 100% of the tokens are released, speculation about the future price trajectory of $LOYAL is rampant. Investors, already concerned about the present decrease, are now waiting for the conclusion of the token's entire distribution, wondering if further devaluation is on the way.

People even trying to recover their previously invested funds through various means. Some have taken the help of some cyber security services while some are planning to file a lawsuit against Ben.eth and BitBoyCrypto.

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In a recent update to the blunder made, BitBoyCrypto AKA Ben Armstrong, has announced that the liquidity pools have been rebalanced and nothing to worry about.

$LOYAL holders we rebalancing the Liquidity Pools to create a full range LP. 

You will see some movement, but nothing to worry about.

Loyalty Labs (LOYAL) is currently trading at $0.00012275 with a 24-hour trading volume of $8,717,530. In the previous 24 hours, the price has dropped by -46.57%. With a total supply of 89.09M LOYAL in circulation. LOYAL has a total market cap of $12.85K.

Looking at the price chart of LOYAL, it looks like short-term profit makers just made huge withdrawals after the Airdrop which caused the price to Slump. The price action made a sudden surge and dump move which clears the fact that investors are losing interest in the project. However, tokenomics is still holding the grip as community holders are still holding the token.

The RSI is snaking at 22 which is an extremely over-sold zone. A significant bullish pressure could activate a huge uptrend which could result in a two-digit per cent rise.

loyal price chart

Source: TradingView

About Loyal Token

The third (and possibly final?) memecoin in the Ben.eth controversy is $LOYAL. While $BEN was developed solely to be a new, viral memecoin, and $PSYOP was introduced to be a successor with undetermined utility, $LOYAL is allegedly something altogether different.

Bitboy, the contentious crypto content producer and $BEN ecosystem lead, said on Twitter that $LOYAL will be "the token of a new DEX/Memecoin Launchpad named PsyDex."

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