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BitBoy Crypto, a popular digital currency YouTuber, recently sold all his BEN token holdings, according to ScopeProtocol. Ben Armstrong, also known as BitBoy Crypto, had promised his community he would lock the fan tokens for six months, but the tokens were dumped just six days after the promise was made.
.@Bitboy_Crypto swapped all 1T $BEN he own for 44.7 $ETH ($81K).
These 1T $BEN are send from @eth_ben to @Bitboy_Crypto at initial launch.
Just 6 days ago, he promosied he will not sell $BEN for 6 months.https://t.co/aGCDmBalrkhttps://t.co/njAMoP8ko4 pic.twitter.com/aLTNASbiCa
— 0xScope (🪬 . 🪬) (@ScopeProtocol) May 18, 2023
After seeing the hype generated by the popular memecoin PEPE, Ben Armstrong launched BEN tokens, which pushed many early backers into millionaire status. Despite the controversy and self-serving motivation behind the launch, Armstrong’s BEN tokens still scored a massive embrace from the digital currency ecosystem.
The selloff of BEN tokens is classified as a rug pull event, which is common in the digital currency ecosystem. In such circumstances, the token is expected to see a catastrophic selloff billed to push it down by a mile.
As a result, the BEN token is changing hands at around $0.00000007, down by more than 13% at the time of writing. The token still maintains a market capitalization of $29,5 million, ranking it as the 2662th largest digital currency per data from CoinMarketCap.
Source: Coinmarketcap
The selloff by BitBoy Crypto has caused mixed reactions in the community, with some questioning his controversial motives. Despite being classified as a rug pull event, the token is still trading and has yet to see a catastrophic selloff. However, its broad volatility suggests it may struggle to maintain support levels in the future.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
