Quick Tea: What the heck is $PSYOP?? - Everything You Need To Know

Estimated Read Time: 6 Min

Hey friends, welcome to this Quick Tea where we quickly cover the high-level of all you need to know about Ben.eth’s $PSYOP token, why it's all over our feeds, and what’s in store for the future. Whether you’re just curious about what the heck $PSYOP is, or you're a presale veteran looking to top up your $PSYOP facts, let’s jump into it!

Every endeavour starts with the man at the top, so let's start there too. According to Google, Ben.eth is a pseudonymous figure in the crypto world who has gained significant attention through his involvement in the memecoin and NFT trend. But to most people, we know Ben from his Bored Ape-repping Twitter personality that can be described as controversial, outspoken, and sometimes abrasive. He is well known for his willingness to challenge the status quo, so pretty much let’s just summarise Ben as a complex and controversial figure who is not afraid to speak his mind.

Ben.eth first appeared on the scene in early 2022, when he launched the $BEN token. The token was marketed as a decentralized social token that would allow users to earn rewards for participating in the $BEN community. However, despite Ben's efforts the price of $BEN plummeted shortly after when the developers of the project abandoned it, but it is worth mentioning it’s still a coin he supports and as of May 23rd was bought by popular cryptocurrency YouTuber Bitboy.

In May 2023, Ben.eth launched the $PSYOP token. The coin took its name from a popular meme format that references, and at times makes light of, the US' history of psychological warfare, with the coin marketed as a decentralized marketplace for creators and collectors. However, the project has been met with scepticism from the crypto community. Some critics have accused Ben.eth of being a scammer, and they have raised concerns about the project's lack of transparency, so let’s take a quick holistic view of the coin’s Presale, Launch, Current status, Future, and add in some controversies for fun.

Presale

$PSYOP was pre-sold to investors in exchange for ETH. The presale was conducted in a controversial manner, with ben.eth asking investors to send ETH directly to his wallet. This meant that there was no contract in place to guarantee that investors would receive $PSYOP tokens in return for the ETH they were sending Ben. Despite the speculation, the $PSYOP presale was a success. The project raised millions of dollars in funding, which has been airmarked to help develop the $PSYOP platform which at this stage can be loosely described as a decentralized marketplace for creators and collectors.

Launch

$PSYOP was launched on Uniswap on May 12, 2023. The launch was met with a lot of excitement, and the token price quickly rose to an all-time high of $1.50 reaching a market cap of over $570 million. However, the launch was also met with controversy, with some investors alleging that ben.eth had manipulated the market to artificially inflate the price of $PSYOP due to his approximate holding of 97% of the supply.

Current status

It is still fairly unclear what the future holds for $PSYOP, with the price of the token falling to $0.50. Despite the fall in the price of the token, the $PSYOP project is still in its early stages, and as most hype runs it has the potential to be a major player in the space. The project has been alluded to having a strong team of developers, and it would be hard missed not to mention the large following of $PSYOP on social media. However, the project truly utilises the saying “all publicity is good publicity” because the community has proven controversial on crypto Twitter with criticism surrounding every step of the journey from its speculative presale, market manipulation accused launch, and volatility of the token’s current roadmap.

It is important to note that the $PSYOP project has not officially been charged with any crimes, and Ben.eth denies all of the accusations against him. However, the controversies surrounding the project have led to a lot of scepticism about the project and it goes without saying that Investors should be aware of the risks before investing in any project associated with Ben.eth.

Future plans

The $PSYOP team has ambitious plans for the future. They plan to develop a number of new features for the $PSYOP platform, including a decentralized exchange, a lending platform, and a staking platform. The team also plans to expand the $PSYOP ecosystem by launching new products and services. For example, they plan to launch a $PSYOP-branded NFT marketplace and a $PSYOP-branded gaming platform.

When it comes to the tokenomics, There are a total of 100 million $PSYOP tokens in circulation which is planned to be distributed as follows:

• 50% to the community

• 25% to the team

• 25% to the treasury

The future of these tokens will be used to power the $PSYOP platform. For example, creators can use tokens to mint NFTs, and collectors can use tokens to buy NFTs. So nonetheless it will be interesting to see how the future of Ben’s coin plays out.

You may have noticed we haven’t really focused on specific prices or performance, ultimately, the decision of whether or not to invest in $PSYOP is a personal one. However, it is important to do your research and understand the risks before making any investment decisions, and at Morning NFTea we pride ourselves in providing holistic long-term views of Web3 so we hope you enjoyed this Quick Tea breakdown.

In conclusion, the $PSYOP token is a new cryptocurrency that has the potential to revolutionize the way we think about and interact with the internet. By giving users control over their own data, $PSYOP could help to create a more democratic and equitable online world. However, it is important to note that $PSYOP is still a new project, and it remains to be seen whether it will be able to live up to its potential. Only time will tell whether $PSYOP will be a success, but it is certainly worth keeping an eye on.

You may be wondering where $LOYAL comes into this as $PSYOPs related sibling, if you would like a quick tea on Ben.eths latest token then make sure to let us know!

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DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.Quick Tea: