The current price of $PSYOP is $0.00055. To get to $1, that will be a 1,818x movement from here. To put that into context, if you invest $100 in $PSYOP today and it gets to $1, you will have $181,800. 1,818X movement for meme coins is no news, you only need to look at $PEPE, $SHIB, and $DOGE. However, this article is not encouraging you to buy $PSYOP. Rather, we will look at the facts and see if truly there is potential to get to $1
Every now and then, I do a deep analysis of different tokens or coins, like this one on $PSYOP. So, if you want to see an analysis of your favorite crypto, mention the ticker name below, and I'll write up an article about it. Now, lets talk about PSYOP
An Introduction To PSYOP
PSYOP is a meme token created by Ben.eth and is the token for the PSYOP Launchpad. It is one of the three meme tokens Ben created, including $LOYAL and the first of them, $BEN. Following the success of $BEN, Ben decided to create $PYSOP, which led to mixed reactions.
Following the success of $BEN, especially with the backing of popular YouTube and Twitter influencer Ben Armstrong, many believed that $PSYOP would do great. Ben.eth decided to launch a presale for $PSYOP, and he asked people to send him $ETH if they wanted to participate in the sale. Over $7 million was sent to him, and he finally closed the presale on May 5, 2023.
Rather than just send tokens to people based on their contributions, Ben.eth decided to send the $PSYOP tokens in batches in what is called an "airdrop". $PSYOP started trading at $0.0008. Six days later, the price rose by 400% to $0.0042 to create a new high, as seen in the image below.
What Is $PSYOP Token Utility?
As of this moment, $SPYOP has no utility, other than being a speculative meme token. Anyone buying $PSYOP is doing so solely because they think the price will rise. This is why many have distanced themselves from the token. Especially as the creator, Ben.eth, has lots of controversies around him, plus the fact that he has created other tokens.
But PSYOP as a platform does have some features that many can find useful. For example, you can use the PSYOP Studio to create your own meme token. This tool is available for a fee of 0.042 ETH. You can use your own tokenomics, or employ any of the suggested ones. There is no way $PSYOP token fits in here.
In the future, however, $PSYOP may have some utility. If that were to happen, the likely utilities would be:
Access to exclusive content or services
Voting rights in the $PSYOP ecosystem
Staking rewards
Use as a payment method
$PSYOP Analysis Based On Fundamentals
The price of $PSYOP is $0.00055, and there are a total of 550 billion tokens. That is a current market cap of $302,500,000. For $PSYOP to get to $1, that will only happen at a market cap of $550 billion. According to data from Coinmarketcap, that will be a market cap greater than $ETH, $BNB, and $USDT combined, but just shy of $BTC. How realistic is that?
Unfortunately, there are no utilities for the token at this time. So, it's difficult to measure potential demand. There are several meme tokens out there, and there is currently no good reason to suggest the market cap of $PSYOP will even surpass that of the trending $PEPE.
Looking at the chart above, you will be forgiven for thinking that $PSYOP has "bottomed" and that a reversal is imminent. You only need to look at the top holders of the token to find out what the major problem is. See the image below.
According to public data on Etherscan, Ben.eth holds 97.9469% of entire $PSYOP token supply (538,708,150,284 tokens), with only 1.75 billion tokens in the Uniswap V3 pool as liquidity. That is a big red flag
Will The Price Of $PSYOP Ever Get To $1?
You may not believe it, but there is actually a very very very tiny chance that it can happen. How? First, Ben.eth will have to burn all the $PSYOP tokens in his wallet. This will leave the token supply at 11.7 billion tokens. Then the token will need to gain adoption in the mold of $SHIB and $DOGE. At $12 billion market cap, $SPYOP will already be above $1 per token in this scenario. What are the chances of this ever happening? I'll love to read your opinion in the comments section below.
Realistically, however, we can conclude that $PSYOP will never get to $1. While crypto is unpredictable and stuffs like that may happen, you will want to be wary of anyone who tells you to buy $PSYOP because it will get to $1 "soon".
It is a meme token
It has no utility
It is bought based on speculation
Will there be any upside in $PSYOP price? Maybe. Many things can appreciate in price if price of BTC keeps going up. Just be sure to apply risk management and try to stay safe.
What do you think? Will $PSYOP get to $1? How do you want to trade this? Share your thoughts and strategies below for others to learn from.
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