The newly launched governance token, $BEN is a meme coin project designed for BitBboy’s Decentralized Autonomous community, Ben DAO.
The token’s performance in the past two days before its public announcement represents prevalent price volatility in the coming days.
Notably, the general meme coin frenzy in the crypto space due to the successes of AiDoge and SPONGE contributed to the spike of the BEN token. But its emergences have evoked mixed reactions.
While some investors think it belongs to the controversial crypto influencer, Ben Armstrong, others frown at the fact that $BEN was live for 2 days before its public announcement.
While there are several bullish sentiments for BEN, there are still queries concerning the project’s next move.
According to the top crypto influencer with over 369K followers on Twitter, RookieXBT, $BEN could be a risky investment option due to the SEC’s attention directed at Ben Armstrong.
If this happens, there could be a whooping fall for the asset.
$BEN Price Performance So Far
As of May 8, 2023, $BEN traded at $0.000000009416, and by May 9, it increased by 13% to $0.00000004016.
Today, May 10, 2023, $BEN traded at $0.0000001241 in the last 13 hours. It has reached $0.0000001306 as it trades sideways.
$BEN Technical Analysis: What’s The Way Forward?
$BEN is in its retracement stage, making a short-term bearish movement against its bullish trend.
The coin’s chart shows $BEN is trading above its 50-Day Simple Moving Average (SMA), a strong bullish sentiment.
Furthermore, $BEN’s Relative Strength Index (RSI) is at 47.34, at the time of writing, with an upward movement which means the market will likely approach the overbought region above 70 soon.
The coin’s Moving Average Convergence/Divergence (MACD) is below the signal line, confirming the upcoming bearish movement of $BEN in the next few minutes.
Also, $BEN is still above its 200-Day SMA, which means it’s likely to record more green days in the coming weeks.
The Future of $BEN
The new Bitboy token, $BEN is a promising meme coin project with potential price volatility following its listing on several exchanges and the increasing relevance of meme coins.
However, it’s subject to macroeconomic factors, crypto regulation, laws of supply and demand, as well as market and investors’ sentiment.
While the Bitboy token retraces, other new meme projects are surging, projecting prevalent bullish sentiments in the nearest future.
Alternative Projects To BEN Tokens
AiDoge (AI) – Revolutionary Web3 Token
$AI is the primary currency and native token that powers all activities and transactions on the revolutionary Web3 platform, AiDoge.
It’s a crypto-powered meme generator platform that allows users to create memes, share, and vote on their favorites. At the end of the month, the best meme creator receives financial rewards via the $AI tokens.
The diverse utility of the $AI token is attracting a swam of investors into the projects. The tokens presale is in the 9th stage at $0.0000292, with over $5.1 million raised so far.
At the end of the presale, they will list at $0.0000336 and spike after hitting major exchanges.
Buy AiDoge Here
Spongebob (SPONGE) Price to Pump After Hitting MEXC Global
Spongebob hit the exchanges on May 4, surprising the crypto space with its continuous price gains.
The project didn’t pass through the rigorous presale processes but went live on Uniswap and has gained a 767% increase in its launch price.
Spongebob’s marketcap is over $9.28 million, and its trading volume has reached over $5.5 million with over 420 holders.
What’s The Next Move For $SPONGE?
$SPONGE is currently on a bearish path, recording $0.0008757, today, May 10, 2023, a 22.72% price drop at the time of writing.
$SPONGE is trading a few pips below its 50-Day and 200-Day Simple Moving Average (SMA), a short-term bearish sentiment.
Also, the Relative Strength Index (RSI) is at 52.70, a neutral market position. The expected bullish movement in $SPONGE’s market will likely send it to the overbought zone (above 70).
The Moving Average Convergence/Divergence (MACD) is above the signal line, representing the possibility of $SPONGE gaining new prices in the coming days.
The announcement of $SPONGE hitting the crypto exchange, MEXC Global, and its eventual listing might increase the asset’s buying pressure, pushing it above the SMAs.
Buy SpongeBob Here
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