The BEN crypto took a hit in late August and early September 2023. The token’s inspiration, and major promoter, Ben “BitBoy” Armstrong was fired from the organization he gave his pseudonym to amid a string of allegations.
This followed the news that Armstrong had sold his supply of BEN.
While Armstrong is trying to rebuild his career as a crypto influencer – albeit someone who faces claims that he artificially pumped coins and tokens he talked about – BEN has suffered.
BEN did not immediately respond to a request for comment.
But what is BEN? How does BEN work? Let’s see what we can find out, and also take a look at some of the BEN Price Predictions that were being made as of September 6 2023.
Let’s examine some of the BEN price predictions being made on September 6 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term BEN price prediction that said the token should fall to $0.00000001967 by September 11 before recovering to $0.00000002351 by October 6. The site’s technical analysis was neutral, with 13 indicators sending bullish signals and just seven making bearish ones.
Moving on, PricePrediction.net said that BEN would be worth $0.00000011 in 2025, while Techopedia said it would trade at $0.00000035 then. DigitalCoinPrice’s BEN price forecast said the token would reach $0.0000000768 in two years time.
Looking at a more long-term BEN price prediction, DigitalCoinPrice said it would trade at $0.00000022 in 2030. PricePrediction.net said the token would reach $0.00000066 that year. Techopedia thought BEN would be worth $0.0000005 at the start of the next decade.
Now, let’s examine the BEN price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a BEN price prediction.
BEN came onto the open market in early May 2023, when it was worth about $0.00000002. The price of the coin shot up in its first month, and it reached an all-time high of $0.0000002725 on May 25.
June saw the market shocked by the news that the United States Securities and Exchange Commission was suing the Binance and Coinbase exchanges. BEN fell in response. After June 10 saw Crypto.com (CRO) suspending its American institutional arm, BEN traded at $0.00000005337. There was some recovery after this and it spiked to $0.0000001119 on June 22.
After that, though, it was all downhill. The downturn was made worse by Armstrong’s firing and, by September 6 2023, BEN was worth about $0.00000002135. At that time, there were a self-reported 420.69 trillion BEN in circulation, representing the total supply. If this figure was accurate, BEN would have a market cap of $9 million.
This, in turn, would make it something like the 760th-largest crypto by market cap.
BEN is a long way from the heights it enjoyed in late May. To be precise, it is down more than 90% from its all-time high. Not only that, but it is worth nearly 25% less than the $0.00000002816 it traded at on August 28, before Armstrong’s firing.
It is hard to say. On one hand, BEN seems to want to bring crypto to the masses. While this is admirable, it’s not like that makes BEN special. In fact, one could argue that its association with a disgraced individual isn’t going to help it at all.
Investors who can stomach its link to Armstrong might be put off further by its ridiculously low price. It is tempting to see BEN as a meme coin, albeit one with a former meth addict as its mascot rather than a cartoon dog. This is not likely to appeal to the more serious crypto investor.
Likewise, anyone who wants to find out how BEN actually works will face a brick wall. With no whitepaper, someone might reasonably decide to put their money somewhere else.
On the other hand, BEN is not a dead coin, and where there is life, there is hope. Likewise, there is a somewhat contrarian tendency among crypto fans which might delight in buying a token that has little utility and is doing badly. Armstrong’s public persona features a combination of optimism and paranoia, which is reflected in the “degen” mindset.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in BEN.
No one can really tell right now. While the Ben crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Ben, you will have to do your own research, not only on BEN, but on other, related, coins and tokens such as Dogecoin (DOGE) or Shiba Inu (SHIB). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
The BEN cryptocurrency was created as a tribute to YouTube star Ben “BitBoy” Armstrong in 2023. Armstrong has taken responsibility for promoting the token since then. It aims to promote “the understanding and adoption of crypto. We emphasize education, advocacy, transparency, and representation, intending to create a future where digital assets are widely used and valued for their potential.”
Unfortunately, BEN, which is based on the Ethereum (ETH) blockchain, does not have any technical documentation, or whitepaper, explaining how it works.
It appears that BEN’s sole purpose is to raise money for unspecified crypto awareness programs. Armstrong said as much himself in a Medium “Ask me anything ” session in June 2023. However, he also said BEN would be running Super Bowl commercials and that he would not sell his BEN. Therefore, any claims should be taken with a pinch of salt.
Because BEN is based on Ethereum, it is a token, not a coin. You might see references to such things as a BEN coin price prediction, but these are inaccurate.
On September 6 2023, there were a self-reported 420.69 trillion BEN in circulation, representing the total supply.
It might do. Techopedia says it can get there next year, while PricePrediction.net and DigitalCoinPrice think it can break that level in 2025 and 2028 respectively.
BEN has not traded above $0.0000001 since June this year.
It looks like any profits from trading BEN go on unspecified crypto awareness programs. However, since BEN does not have any technical documentation, it is hard to tell.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.