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Ben.eth, the pseudo-anonymous memecoin creator behind at least three controversial token launches in recent weeks could fall under the crosshair of United States regulators, crypto lawyers suggest.

A previously little-known personality in the crypto community, Ben.eth has seen his Twitter following blow up nearly five-fold in May. The influencer has launched at least three memecoins in recent weeks — Ben Coin (BEN), PSYOP, and LOYAL.

Pre-sales of these memecoins — which require Ether (ETH) to be sent directly to the creator himself — have allowed Ben.eth to gather thousands of ETH. Currently, his wallet holds 10,946 ETH, equivalent to $20.8 million.

While Ben.eth’s supporters have defended the legitimacy of the token sales, others warn that the influencer’s actions could face the wrath of regulators and disgruntled investors alike. 

Michael Kanovitz, a partner at Loevy & Loevy told Cointelegraph, the Psyop launch “is a classic example of the concerns the SEC has identified in actions like those against Kim Kardashian and Paul Pierce.”

Bitcoin’s volatility has dropped to historically low levels thanks to macroeconomic uncertainty and low market liquidity. However, on-chain and options market data allude to incoming volatility in June.

The Bitcoin Volatility Index, which measures the daily fluctuations in Bitcoin’s (BTC) price, shows that the 30-day volatility in Bitcoin’s price was 1.52%, which is less than half of the yearly averages across Bitcoin’s history, with values usually above 4%.

According to Glassnode, the expectation of volatility is a “logical conclusion” based on the fact that low volatility levels were only seen for 19.3% of Bitcoin’s price history.

The latest weekly update from the on-chain analytics firm shows that Glassnode’s monthly realized volatility metric for Bitcoin slipped below the lower bounds of the historical Bollinger Band, suggesting an incoming uptick in volatility.

Long-term Bitcoin holders metric points to a price breakout

The on-chain transfer volumes of Bitcoin across cryptocurrency exchanges dropped to historically low levels. The price is also trading near short-term holder bias, indicating a “balanced position of profit and loss for new investors” that bought coins during and after the 2021-2022 bull cycle, according to the report. Currently, 50% of new investors are in profit, with the rest in loss.

Bitcoin (BTC) fell into the May 30 Wall Street open as the return of United States equities failed to boost performance.

Bitcoin pauses into the monthly close

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $27,700, having briefly spiked above the $28,000 mark.

The pair encountered resistance below its local highs from around the weekly close, and stocks also treaded water after the opening bell.

The excitement around a possible deal to raise the U.S. debt ceiling, which had boosted crypto previously, also cooled as market participants waited for its first test in Congress.

“Bitcoin has been having a hard time reclaiming the weekend high,” monitoring resource Material Indicators summarized in part of an analysis on the day.