Inadvertently, a surge in the memecoin market was triggered by a tweet from Elon Musk that featured a cat and the cryptic term “PSYOP.” Within two days, the memecoin PSYOP experienced a surge of over 150%, currently trading at around $0.00002106 USD, as reported by CoinMarketCap. The background of PSYOP and the events that led to its recent volatility will now be explored.
PSYOP, a controversial memecoin, was created by KoL ben.eth, a well-known NFT collector on Twitter. According to AZCoin News, on May 12th, KOL @ben_eth introduced a memecoin called PSYOP. To start the presale, Ben.eth encouraged community members to purchase the coin by sending ETH to the ENS domain wallet “ben.eth.” On May 17th, the wallet received a significant amount of 3,803 ETH, which is equal to nearly $7 million USD.
At first, PSYOP struggled as ben.eth faced difficulties establishing liquidity on Uniswap, leading community members to accuse the coin of being a scam and causing its value to drop by more than 99% within a week of its launch.
Surprisingly, a month later, Elon Musk revived interest in PSYOP by mentioning it on Twitter on June 25th. This gave ben.eth a chance to address the doubts surrounding the project. Despite a surge in value by over 26 times within 48 hours, PSYOP still remains over 99% below its previous all-time high.
Elon Musk, commonly known as the “Dogecoin King,” has been exerting his influence on various memecoin projects. On June 18th, Musk accused BOB of being a scam and subsequently locked the associated Twitter account, causing a significant drop in the price of BOB within a few hours.
As a result of Elon Musk’s mention of PSYOP on Twitter, the memecoin’s value has increased by almost 100%. However, it’s important to note that PSYOP is still considerably lower than its previous peak, having suffered significant losses since its initial launch. As Musk’s involvement in memecoin projects continues to attract attention and influence market trends, investors and enthusiasts are keeping a close eye on his next moves within the volatile world of cryptocurrencies.