Ben Armstrong Dumps Own Token, is a Massive Crash Incoming for BEN?

Popular digital currency YouTuber Ben Armstrong, known as BitBoy Crypto has dumped all his BEN token holdings, a week after he promised his community to have the fan tokens locked for 6 months. The news was broken hours ago when Twitter user and self-proclaimed on-chain Sleuth published screenshots from addresses linked to Armstrong.

Bitboy sold all of his $BEN tokens that he committed to not selling them for 6 months❗️

Bitboy’s address which he doxxed it by himself:
0xf89e0b9fb3F419d5982386B5923e2F7C2e73f3a2 https://t.co/GVvrAeVnJ5 pic.twitter.com/OcoKQaKKzH

— Amir Ormu 🛸🏰🫐 (@AmirOrmu) May 17, 2023

Known for his controversial stance, Ben Armstrong launched BEN tokens after seeing the hype generated by popular memecoin PEPE which pushed many early backers into the millionaire status. As a very popular personality in the digital currency ecosystem, Armstrong’s BEN tokens scored a massive embrace despite the controversy and self-serving motivation behind the launch as revealed by community members.

Addressing the general concerns that he might dump the tokens based on his pedigree, he shared a tweet on May 10 saying;

“I committed to not selling any $BEN coins for 6 months. I’m still intentionally not locking those coins. Why? To piss off the haters who say I’m a grifter, scammer, dishonest & a P&D’er. Going to make them look dumb again.”

The news of the selloff has generated a number of mixed reactions from the community with some saying the move is not surprising seeing Armstrong is known for such a behavior.

Outlook for BEN Token

The selloff of BEN tokens is more or less classified as a rug pull event which is very common in the digital currency ecosystem. In events like this, the token is expected to see a catastrophic selloff that is billed to push it down by a mile.

Surprisingly, the BEN token is still changing hands at a price of $0.00000008324, up by more than 6.20% at the time of writing. The token still maintains a market capitalization of $33.96 million, ranking it as the 2657th largest digital currency per data from CoinMarketCap.

Image Source: CoinMarketCap

With the price, it appears as though the market has not properly digested the news of the selloff and from general chart trend, the token is seeing a very broad volatility that might make it not hold the support level at $0.000000080.

With all eyes on BitBoy Crypto for his defense on this token dump, BEN appears as one of the tokens that may follow in the footsteps of XIRTAM that was rugpulled by the team.

Source