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BitBoy Ben Armstrong’s $BEN Token Tanks Alongside His Social Empire

Published September 4, 2023 1:41 PM
Teuta Franjkovic
Published September 4, 2023 1:41 PM
Key Takeaways
  • Hit Network takeover of BitBoy’s $BEN social media accounts weighed on its price.
  • Armstrong posts on X a flurry of shameless self-promotion.
  • He erased any pity he may have acquired.
  • Ben Coin’s price fell as much as 50% in a day on Monday evening (UST).
  • Media took notice when the token increased by more than 200% in a single week in May.

Since tensions surrounding the founder caused Hit Network to take control of his social media platforms and YouTube channel last week, Ben Armstrong (aka BitBoy) has seen his token $BEN’s value plummet sharply.

Armstrong’s situation has sadly not improved, as the token is still 55% below its initial price and 93% below its all-time high.

Empty Apology Amid Shameless Self-Promotion

On September 1, the self-described millionaire posted a humiliating apology on the BitBoy Crypto YouTube channel, and in the video, a tearful Ben and his wife apologize for disappointing their family and the “BitSquad.” They claim to be at their lowest point. His wife responds with an unexpected remark about her faith in redemption and hope.

Regarding his infidelity and abuse of steroids and diet pills, Armstrong added: “We’re gonna work through this. It’s gonna be incredibly hard.

Regrettably, he reverted to shameless self-promotion, nullifying any sympathy he garnered. He claimed the channel had created numerous millionaires in the past and would do it again, urging viewers to choose their stance.

“There won’t be a better platform than [my platform] when it comes to NFT platforms,” he continued.

Drop From Incompetence

Ben dot Eth, a notorious swindle artist, introduced the $BEN token into the cryptocurrency world, but Armstrong quickly grabbed control. Since then, he has been engaged in marketing, claiming  that the coin will “pioneer crypto adoption” and that he will provide “exclusive content and private Discord groups.”

Armstrong was abruptly fired from his own company, which has raised the question of whether Armstrong’s engagement with meme coins has considerably increased his risk exposure.

Ben Coin Among Biggest Losers

Ben Coin, a relatively new cryptocurrency, first attracted public attention when it increased by more than 200%  in a single week in May. The community-focused cryptocurrency’s pricing has since partly stabilized.

Additionally, BEN has been operating in a very predictable manner, roughly matching the larger crypto market.

But starting on Monday night (UST), Ben Coin’s price dropped by 50% in a single day. BEN is currently trading at less than half of its pre-crash value after a slight rally on Tuesday morning failed to garner any momentum.

It’s unclear exactly what connects Armstrong to Ben Coin. Despite denying any active involvement in its inception, he has acknowledged receiving tokens from the initiative.

And the YouTuber was charged with running a pump-and-dump scheme after Armstrong’s support of BEN in May caused its price to jump and then to plummet.

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