PSYOP Token Price Blasted to Gain 1000%, Will the $PSYOP Sustain?

The cryptocurrency market has seen the meteoric surge of PSYOP Token, with its price skyrocketing by 1,000%. However, this spectacular rise has sparked concerns about the cryptocurrency's authenticity. 

The memecoin mania brought many memecoins to the market and many of them jumped to the sky in just a short span of time. However, "With wind, comes the Dust". Many scams and rug pulls also got boosted in the name of memecoins and hence, investors lost money in it.

Recently, the PSYOP token received scrutiny over its cryptocurrency project. Let's discuss this new Pokemon-themed memecoin in brief.

PSYOP Token Facing Legal Scrutiny

On May 19, an attorney issued a legal threat in an attempt to get the developer of the $PSYOP memecoin to repay monies to investors.

Mike Kanovitz, a partner at Loevy & Loevy, tweeted the following:

In fact, according to Kanovitz, $PSYOP inventor Ben_eth did not "f— up" by mistake, but purposefully deceived token buyers, breached commitments, and misstructured liquidity pools. Most notably, he claimed that the project distributed tokens in a "trickle," an accusation corroborated by tweets admitting that 90% of the $PSYOP allotment remains unreleased.

The letter drew quick fire for its casual tone, errors, and lack of consent from Kanovitz's legal partner, Jon Loevy.

Ben_eth dismissed the legal threat, saying the letter was "so unprofessional it could get [the firm] in trouble with the bar association." He also mocked Kanovitz for transmitting the letter as an Ethereum blockchain non-fungible coin.

If Ben.eth does not repay investors, Loevy & Loevy will pursue a class action suit in Arizona, according to Kanovitz. He stated that Ben_eth's conversations will be subpoenaed and that the identities of Ben_eth and his collaborators would be exposed as part of the process.

In an unexpected turn of events, Ben.PSYOP, the developer of the PSYOP cryptocurrency, revealed that $PSYOP will be officially listed on Binance. This announcement might provide the motivation for the token to recover market traction. 

PSYOP Token Price Prediction

PSYOP (PSYOP/WETH) is now trading at $0.001006 on Uniswap V3, up -3.74% in the past 24 hours. Its 24-hour trading volume is $988.71K, with a total of 1,248 transactions. PSYOP/WETH contract address is 0x42d403ab9b0603442ac991c0cfe124105dde0811, with an FDV of $553.03M and a liquidity pool of $27.55M.

The PSYOP coin looks to be creating a support level around the 0.00004770 mark on the four-hour period. Consistent candle closure above this level, which also marks a double bottom, implies the possibility of upward momentum. 

If the currency remains above 0.00004770, it might potentially hit the next resistance level at 0.00009380. A breakthrough of this threshold might disclose the potential of reaching 0.00001213. If the increasing trend continues, the price might reach 0.0001500. 

Source: Dextools.io

Conclusion

Despite PSYOP's current downturn, it's worth noting that there are other meme coins with substantial upside potential. During the slump in PSYOP, they might provide attractive investment possibilities. Furthermore, there is no official website for the PSYOP token, making it suspect. Before investing in memecoins and cryptocurrencies, do your homework.