What is BEN - Everything You Need To Know

What is BEN - Everything You Need To Know

The world of cryptocurrencies is growing each day and there are new faces that show up constantly. Some of these stay to tell the tale, while others get lost in this growing ecosystem. BEN is one of the newest inclusions in the world of cryptocurrencies, and it has managed to gain some interest in the space thanks to its meme culture, the reason for its creation, and some people behind this project. 

BEN is an Ethereum-based cryptocurrency that went on presale on May 7th, 2023. This is a cryptocurrency created by ben.eth, a famous personality in the crypto space. This coin aims to educate people about crypto and move this ecosystem even further. But what exactly is it, should we invest in it, and if so, how? Let’s take a look at everything. 

What is BEN?

BEN is one of the newest meme coins on the market and is an Ethereum-based coin that was created by famous crypto activist ben.eth. This coin combines meme culture and several serious goals that are apparently aimed at taking the crypto space to the next level. When it comes to the meme aspect of this token, it can be clearly seen from the fact that it is based on a popular old mobile game called “talking ben”. They also have a Telegram chat specially for people who are only called Ben. 

But, despite being a meme coin, it still has bigger admiration and wants to be something more than just the next pump and dump. This ambition can be clearly seen in the people who are involved in this project. Other than ben.eth, we also have Ben Armstrong, aka BitBoy Crypto, involved in this project. While BitBoy Crypto apparently did not have any involvement in the creation of this token, he is known for pushing some dodgy tokens and anything he gets involved in should be viewed with some skepticism. According to BitBoy, BEN coin aims to increase public awareness regarding cryptocurrencies as well as educate people about this space. What exactly he is trying to educate people about is a different story altogether as he came out saying, and I quote, “I committed to not selling any $BEN coins for 6 months. I’m still intentionally not locking those coins. Why? To piss off the haters who say I’m a grifter, scammer, dishonest & a P&D’er Going to make them look dumb again” before he suddenly changed his mind and sold off all his BEN after holding it for less than a month. Perhaps the lesson is that, if a crypto goes up by 1,000% in a week, you should cash out and leave everyone else hanging.

It should be mentioned that this is a DAO project, meaning that no single entity is in sole control of this token, and decisions around the project will be decided by everyone who holds the coin. These are still early days so it is hard to say if BEN will manage to do anything of value, or if BEN will become another coin that aims too high without proper preparations and fades into obscurity.

First Few Weeks of BEN

While BEN is still an infant in the crypto space, it somehow managed to grow significantly in its first few weeks. During the first 24 hours of the coin going live, it saw an increase in value of 1,000%, which is a very significant increase. But soon after, prices started to drop as people started to take out some profits, and this is when BEN entered a small period of volatility that continued for a few days. BEN started to pick up the pace again and prices started to rise again, mostly thanks to the backing of BitBoy Crypto and some other crypto influencers. At the time of writing, BEN has just dropped significantly from its all-time high of $0.0000002725 and is currently trading at around $0.0000001022, with the price continuing in a strong downward trend.

This is also one of the riskiest times to invest in this token. While the token is falling in value, there is no guarantee that it will ever go up again. Meme coins have tendencies of rising fast and also dropping fast, which means that there is a good chance that BEN might soon fall into nothingness. With the likes of BitBoy pulling out from the project, it is a sure sign that not all is well here, and the rug pull alerts are already sounding through the crypto space.

Where Can You Buy BEN?

If you are still interested in this coin and wish to get your hands on some, there are a few places that you can visit. First of all, if you are looking for a centralized exchange that has BEN listed, you will need to visit LBank. This is the first centralized exchange that put faith in BEN and listed it on their platform.

But if you want to avoid centralized exchanges and want to acquire BEN through decentralized exchanges, there are numerous options. You can visit many different decentralized exchanges, such as 1inch, and exchange your other cryptocurrencies for BEN. When you visit these exchanges, you might not be able to see this coin at first and would need to import it. You can use the following contract to import BEN on these exchanges.

Contract: 0x9bf1d7d63dd7a4ce167cf4866388226eeefa702e

Final Thoughts

All in all, BEN is an interesting project that still needs time to develop and grow, or die and be forgotten. This is a project that was launched by very influential people in the crypto space and they set goals that are hard to achieve. Because of this, BEN is a risky coin that might fail to deliver on its promises, but if it manages to survive the initial phases it can grow into something big; maybe.

The biggest threat that BEN currently faces is people who are in it for fast profits. A lot of people might invest in this coin and then start selling all of their investments as soon as the price goes up (as we have already seen is the case). Once this happens, if you are fast enough, you can also take out some profits, but for the coin itself, it will be the equivalent of death. In the crypto space, meme coins almost never recover from such falls, and stating that BEN can survive this, will be a very bold statement indeed.