GM Folks, It’s CoinBasics. The only crypto newsletter that actually cares for you & takes the extra step to not spam you with any Sh*tcoins.
But today’s is about how Ben.eth Went from $0 to $7M In 1 weekend with a shitcoin.
Ready?
Hold on tight, because We've got an incredible story for you involving NFT personality ben.eth, two trending meme coins, and a mind-blowing $6.9 million.
Fungible tokens and Altcoins have been making waves lately, but not always for the right reasons.
Enter Ben.ETH and his token, $BEN.
FROM $0 → ~$7M IN ONE WEEKEND 📈, HOW?
STEP 1: CREATE A SH*TCOIN
Sh*tcoins offer the freedom to choose any name you want since they don't really do anything. And ben.eth took the easy route by naming his after himself—$BEN.
STEP 2: LAUNCH SH*TCOIN WITH A PRESALE
Instead of the traditional presale route, ben.eth started collecting ETH directly to his wallet. He managed to raise 55 ETH, equivalent to around $100K, from over 300 contributors.
STEP 3: GIVE AWAY OWNERSHIP TO YOUTUBER
$BEN was heading towards zero until another Ben, the infamous BitBoy Crypto, entered the scene.
Initially joining as a team member, BitBoy ended up taking over the whole project within a day. Classic case of the student becoming the teacher.
Despite ben.eth abandoning his creation within 72 hours, BitBoy's tweets pumped the price over 10x in a single day.
To add fuel to the fire, a Decentralized Autonomous Organization (DAO) was established to govern the token and make it the most distributed "name" token.
However, the token's current form is speculative at best, lacking substantial real-world value unless its governance structure is utilized to create utility or generate revenue.
But where’s the $6.9 Million You might ask, here's where the controversy kicks in.
BREAKING THE $6.9M TOKEN CONTROVERSY🎢
What do you do when a Youtuber buys out your sh*tcoin right after launch? Simple, you create another one.
And that's exactly what ben.eth did.
Ben.ETH decided to launch another token, $PSYOPS, leveraging his "track record" with the Ben token to secure a significant presale.
He raised a staggering $6.9 million worth of ETH within 72 hours, solely based on his word about proportionate distribution. That's quite a trust trade with an anonymous character on the internet!
Predictions indicate that $PSYOP may trend towards zero due to unclear tokenomics, rushed launch, and limited visibility of a viable roadmap.
Concerns have been raised about the contract allowing the owner to mint tokens at will until ownership is renounced, further heightening apprehensions about its future.
It's crucial to highlight the risks associated with sending funds to anonymous individuals on the internet with minimal due diligence.
These tokens are highly risky, and approximately 99% of them tend to trend towards zero. It's like playing in a crypto casino, where the greater fool theory often comes into play.
It's truly mind-boggling how people are throwing their hard-earned ETH without a clue about what they're getting into. As we speak, $PSYOP hasn't even launched yet!
So, what does all this say about the current crypto landscape, you might wonder?
Well, while we eagerly await the creation of true value and widespread adoption, the crypto space is currently dominated by attention-grabbing antics and good ol' FOMO.
Strap in, folks, because the ride has just begun! But that’s, it for todays special.
Stay Safe & Stay tuned for the Latest & Greatest in World of Web3.
DISCLAIMER:Â None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.