Image default

Trading PSYOP is Not Profitable — Early Investors Lose 90%

Key Takeaways:

  • The controversial meme coin is gaining a questionable reputation.
  • Trading $PSYOP is not profitable, Lookonchain assures
  • Vydamo, the former engineer at FTX, voiced his high negativity about the nature of the project.
Trading PSYOP is Not Profitable — Early Investors Lose 90%
Read on Read on Google NewsGoogle News

YEREVAN ( — Notorious crypto daredevil Ben.eth unveiled his new memecoin, PSYOP. Traders have loved and hated him for the launch, given that the token’s biggest investors now sit atop heavy losses. Let’s dwell.

Lookonchain’s view on PSYOP and its biggest pre-sale investors

Analysts at Lookonchain, a data resource, looked into PSYOP’s profitability since its pre-sale, suggesting investing 10 Ethereum tokens, or ETH, into the token would return investors with only 1 ETH.

Don’t believe them? Then let’s observe these investors’ portfolios.

Early Investors Suffered 90% Paper Losses

For instance, one of the investors bought over 5 million PSYOP for about 29 ETH from Ben.eth. Theoretically, if it had sold its entire PSYOP possession as of May 19, it would have received a little less than 3 ETH in returns — an approximately 90% loss overall.

Transaction stats of 0xf4ae. Source: Lookonchain

Another investor purchased 4 million PSYOP from Ben.eth for 21 ETH. Its investment on May 19 was down 90% to 2.15 ETH. The same entity separately bought 10.21 million PSYOP for 6 ETH.

Transaction stats of veg.eth. Source: Lookonchain

Similarly, one investor spent 20 ETH on buying 4 million PSYOP tokens and, in another purchase, bought 3.97 million PSYOP for 2.28 ETH. Then, it sold the entire PSYOP for 2.2659 ETH. In other words, heavy losses again.

Lookonchain analysts argued that trading PSYOP is not profitable, given the underwater portfolios of the three investors mentioned above.

Transaction stats of hot.izebel.eth. Source: Lookonchain

A Pump-and-Dump Scam — Analyst

Vydamo, a former FTX engineer and Ethereum developer, recently went public with screenshots and said that Ben.eth doesn’t have the best intentions toward the cryptocurrency community.

He argued that PSYOP’s official smart contracts include a function that enables whitelisted wallets
“to transfer coins from ANY wallet holding the coin to a target wallet.” As a result, the token holders face constant risks of losing their funds.

Vydamo said he had never worked with someone more “unprofessional and deranged,” adding that after understanding the real goals of the project, he left it before payment. He was to be rewarded with $1 million worth of PSYOP tokens after participation in its inception.

He hints that the token resembles a “pump and dump” scam. Ben.eth responded to these allegations, saying they are “FUD.”

The post Trading PSYOP is Not Profitable — Early Investors Lose 90% appeared first on CoinChapter.

Source link

Related posts

FC Barcelona and Crypto Exchange WhiteBIT Shake Hands on a Global Partnership Deal

Marine Savard

Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes – Economics Bitcoin News

Marine Savard

Twitter Reveals ‘NFT Tweet Tiles’ in Order to ‘Impact’ the Social Media Experience – Blockchain Bitcoin News

Marine Savard

DOT/USD Pushes for a Breakout above $6.5

Marine Savard

Breaking Above This Level Might Trigger A Bullish Momentum For Ethereum Price

Marine Savard

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More