April 19, 2024
Ben ‘BitBoy’ Armstrong Fight Sparks Memecoin Market Turbulence
Altcoins News

Ben ‘BitBoy’ Armstrong Fight Sparks Memecoin Market Turbulence

An intense showdown between crypto influencer Ben “BitBoy” Armstrong and memecoin developer “More Light” at a recent fight night event in Mexico sent shockwaves through the crypto market, causing significant fluctuations in the prices of associated memecoins.

The highly anticipated bout, hosted by Karate Combat on February 24, pitted Armstrong against More Light in a three-round clash that captivated spectators and investors alike. More Light revealed that his decision to step into the ring was impulsive, admitting, “I had been relaxing, not training.” He expressed surprise at Armstrong’s fervent demeanor during the fight, noting, “I didn’t expect BitBoy to come out so amped up.”

Leading up to the fight, decentralized betting data from Polymarkets favored More Light as the crowd favorite, with 62% of bets backing the memecoin developer. However, despite expectations, Armstrong emerged victorious, claiming a unanimous decision after three intense rounds.

In the aftermath of Armstrong’s win, the memecoin market witnessed drastic fluctuations. The price of $BITCOIN, associated with More Light, plummeted over 20% in just four hours, before rebounding to trade at around $0.056, marking a 40% increase from pre-fight levels. Conversely, the price of BEN, the memecoin linked to Armstrong, surged by a staggering 87% following his victory, before settling back to approximately $0.000005.

Despite the fierce competition in the ring, both fighters emphasized that there was no animosity between them outside of the event. More Light described Armstrong as a “good guy” in person, highlighting the amicable nature of their real-life relationship.

The memecoin at the center of the controversy, HarryPotterObamaSonic10Inu (BITCOIN), is a tongue-in-cheek project inspired by the world’s leading cryptocurrency, Bitcoin. Its ticker symbol pays homage to Bitcoin while embracing the irreverent spirit of meme culture.

The fight also garnered attention from various quarters of the crypto community, eliciting responses ranging from amusement to criticism. While some observers expressed disbelief at the spectacle, others were quick to caution against hailing Armstrong solely based on his victory in a karate competition.

As the dust settles on this unconventional showdown, the aftermath serves as a reminder of the interconnectedness between the worlds of cryptocurrency and entertainment, where even a bout in the ring can have profound implications on the digital asset market.

Image by Mohamed Hassan from Pixabay

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