PSYOP Token Soared 50% as Airdrop is Live

PSYOP token, the memecoin which turned on the ongoing memecoin frenzy again is making headlines. The recent surge is due to the fact that the long-awaited PSYOP Airdrop is live and has been claimed by thousands. This generated FOMO surrounding the memecoin market and hence many investors rushed towards the new memecoin. 

Only DOGE, SHIB, and PEPE generate more daily volume than the token, which has increased 225% since its introduction on Monday. The coin has already been listed on BitForex, a top 20 CEX, one day after its introduction.

PSYOP appears to have gained popularity as a result of its connections to the well-known NFT collector ben.eth and the crypto YouTuber Ben Armstrong (aka Bitboy). The former, who earlier introduced the much-panned $BEN coin, announced on Tuesday that he will airdrop 1% of the BEN supply to PSYOP holders and vice versa.

However, as soon as the PSYOP token generated high profits it fell down significantly. Most of the investors are now down 90% on the token. Let's see how PSYOP has been doing since then.

Early Investors Lost 90% on PSYOP Token

Lookonchain, a data resource, investigated PSYOP's profitability since its pre-sale, claiming that investing 10 Ethereum tokens, or ETH, in the token would yield only 1 ETH.
For example, one of the investors purchased over 5 million PSYOP from Ben.eth for roughly 29 ETH. In theory, if it had sold its entire PSYOP holding as of May 19, it would have received just less than 3 ETH in return – a roughly 90% loss overall.

Another investor paid Ben.eth 21 ETH for 4 million PSYOP. On May 19, their investment dropped by 90% to 2.15 ETH. The same entity purchased 10.21 million PSYOP for 6 ETH separately.

These downfall in prices are due to the FUD which was caused due to the questions raised by experts on the PSYOP token's legitimacy. 

Vydamo, former FTX developer and Ethereum developer, recently made screenshots public and stated that Ben.eth does not have the greatest intentions for the cryptocurrency community.

He contended that PSYOP's published smart contracts include a feature that allows whitelisted wallets "to transfer coins from ANY wallet holding the coin to a target wallet." As a result, token holders are constantly at risk of losing their money.

Vydamo stated that he had never worked with someone more "unprofessional and deranged," adding that he abandoned the project before payment after learning the true intentions of the initiative. He was to be rewarded with $1 million in PSYOP tokens for his involvement in the project's development.

PSYOP Price Analysis

PSYOP (PSYOP) is currently trading at $0.01123826 with a 24-hour trading volume of $777.98K, according to the most recent trading data. This indicates a remarkable 75.30% increase in the last 24 hours. However, it is vital to note that PSYOP has a circulating supply of 69.00B tokens and a market cap of $774.78K. PSYOP exhibits substantial trading activity and investor interest, with a total liquidity of $224.10K and 2.03K holders.

On a 4-hour chart, PSYOP dropped tremendously from the day of its launch. The inversely proportional pattern made by PSYOP generally indicates a consolidation after the lower movements and mostly prices stuck within this bandwidth.

However, another chart which could be drawn is the declining flag pattern (White dotted lines) which indicates a bullish movement afterwards. The 14-day RSI is at 48 which also signifies that the price is in the neutral zone and bears are trying to push $PSYOP upwards.

Source: TradingView | Dextools

About PSYOP Token

PSYOP is another memecoin token which was created recently by Ben.eth. The token has gathered many investors and is a community-driven token. $PSYOP is on the Ethereum ecosystem and is available for trading on Uniswap V2 and Uniswap v3.