​PSYOP token rises by 2403% after Elon Musk’s tweet

What’s new? On June 25, the rate of the PSYOP meme token soared from $0,00000154 to $0,00003856. The sharp growth began after Elon Musk tweeted a meme, the name of which is similar to the ticker of the asset. So, the billionaire, commenting on news about the military mutiny of PMC Wagner in Russia, posted a picture with the caption “Here we go again.” The picture with the image of a cat in a tinfoil cap makes play with the conspiracy theory of psychological operation (PSYOP) to influence mass consciousness.

Here we go again pic.twitter.com/7K9UW9LbJz — Elon Musk (@elonmusk) June 25, 2023

What is known about the project? In May, experts at cybersecurity company PeckShield discovered at least 24 scam tokens launched by the same team of hackers. The list included the PSYOP token.

#PeckShieldAlert We have detected a series of #rugpulls involving the creation of ~24 Scam #MEME Tokens within the last 10 days. #SHITMEME, #BENS, #WorldCoin, #MONKEYS, #ERDR, #Magneto, #STARK, #ZAT, #LADYBOY, #USACOIN, #WLD, #POGO, #Miniclip, #PORN, #FROGS, #RNDT, #PSYOP,… pic.twitter.com/KlBX5k9Go6 — PeckShieldAlert (@PeckShieldAlert) May 23, 2023

There are currently two projects with the tickers PSYOP in the crypto space, one of which was launched by a member of the crypto community under the nickname Ben.eth together with Ben Armstrong, author of the Youtube channel BitBoy Crypto, in late May. Following Musk’s tweet, the asset saw a 74% rise to $0,0009882.

$BEN $LOYAL $PSYOP Announcements1. $LOYAL is the token of a new DEX/Memecoin Launchpad named PsyDex2. As a Uniswap competitor, it will bring back the spirit of Deventralization to the DEX game3. $PSYOP holders will benefit - that’s @eth_ben’s to explain4. $BEN details ⬇️ — Ben Armstrong (@Bitboy_Crypto) May 30, 2023

The second is positioned as a competitor to Ben.eth and Armstrong’s project, and it is the one that showed a 2403% growth after Musk’s tweet. The site claims that “Community power will pump this PSYOP higher and faster, and Ben will just have to deal with it.” “By the time Ben.eth launches PSYOP we would’ve done a full PSYOP on him. He wants to play? so do we. Let the PSYOP games begin,” declares the rival meme token’s team. By June 26, 10:50 UTC, the value of the coin corrected to $0,00001788.

Notably, both projects also have their own collections of non-fungible tokens (NFTs) with images of platypuses with various rarity attributes.