Ben Armstrong, the YouTube influencer also known as BitBoy, has sold his BEN tokens for 43 ethereum (ETH) less than a week after telling followers that he was committed to holding them for six months to make critics “dumb again”.
BitBoy dumps BEN
On-chain data from May 17 shows that the influencer, who rose to fame on YouTube, where he has over 1 million followers, offloaded all his BEN holdings in a series of transfers on May 17.
He earned roughly 43 ETH from his transactions, worth roughly $78,000 at current rates.
Presently, BEN is held by 16,379 users. The token price is also up roughly one percent on the last day.
With the number of holders increasing, transfers have risen to 103,725, pushing the total market cap to $34,886,097, according to CoinMarketCap data.
Despite BitBoy’s decision to sell, the token is higher versus ethereum (ETH) and bitcoin (BTC) on the last trading day.
However, there is a considerable drop in trading volumes. CoinMarketCap data shows that average trading volumes have more than halved from $16,281,055 on May 14 to $6,164,390 on May 16. This represents a considerable drop from $93,686,642 recorded on May 9.
Considering the token launched on the Ethereum blockchain, BEN’s trading volumes are high in Uniswap v3, a decentralized exchange. However, some centralized exchanges, including MEXC and LBANK, have also listed BEN, where it is paired with USDT, the world’s largest stablecoin.
Another meme token
On May 8, BitBoy clarified that he didn’t create BEN but owns the token. Instead, it was created “on behalf of a group he was in called Ben DAO that’s made up of all Bens”.
Nonetheless, BEN remains a token associated with BitBoy’s decentralized autonomous organization (DAO) that people can invest in.
BEN has no utility, aside from whatever any other meme token does for its holder.
The token joins a long list of meme coins similar to pepe coin (PEPE) that the communities of token holders believe will rise.