Featuring Elon Musk’s cat and the enigmatic term “PSYOP” tweetalbeit unintentionally meme coin triggered a volatility in the market. According to CoinMarketCap, the meme coin PSYOP has surged over 150% in two days. It is currently trading at around $0.00002106. Let’s examine the background of PSYOP and the events that led to the recent surge.
Here we go again pic.twitter.com/7K9UW9LbJz
NEWS CONTINUES BELOW— Elon Musk (@elonmusk) June 25, 2023
PSYOPIt was created by a prominent NFT collector known on Twitter as KoL ben.eth. On May 12, KOL @ben_eth decided to introduce a meme coin called PSYOP. Ben.eth urged community members to purchase the coin by sending ETH to ENS domain wallet “ben.eth” to initiate the pre-sale. On May 17, the wallet received a substantial amount of 3,803 ETH, equivalent to almost $7 million.
However, PSYOP faced initial struggles as ben.eth faced difficulties in creating liquidity on Uniswap. This led to accusations from community members, labeling the coin as a scam. It caused its value to drop by over 99% within a week of its release.
Elon Musk Mentioned This Meme Coin
Surprisingly, a month later, Elon Musk mentioned PSYOP on Twitter on June 25. This rekindled interest. This provided ben.eth with an opportunity to dispel the skepticism surrounding the project. PSYOP gained more than 26x in 48 hours. However, it remains more than 99% below its previous all-time high.
— ben.eth (@eth_ben) June 25, 2023
Generally “dogecoin Elon Musk, who is known as the “King of the King”, has been influential on various meme coin projects recently. Musk accused BOB of being a scam on June 18. He then locked the respective Twitter account, causing a significant drop in the price of BOB within a few hours.
Elon Musk’s mention of the meme coin PSYOP on Twitter caused a notable increase in its value by nearly 100%. However, it is crucial to note that PSYOP has suffered significant losses since its initial launch and is still significantly below its previous peak. Musk’s involvement in meme coin projects continues to attract attention and influence market trends. Investors and enthusiasts continue to watch for their next move in the volatile world of cryptocurrencies.
You can find the current market movements here.