- In just one day, the meme cryptocurrency BALD rose by about 30,000%.
- But then the coin plummeted in value. The token’s creators were suspected of orchestrating a rug pull scheme.
The BALD memcoin on the Base blockchain rose sharply in value after liquidity was injected into the project’s pools, Coindesk reports. However, its value plummeted 86% on Monday, DEX Screener data showed.
A user on X (formerly Twitter) under the nickname cheatcoiner was the first to post about a project that allegedly funds Coinbase with cbETH.
The Coindesk journalists noted that such tweets are made by influencers to inflate the token’s price and then sell it to other users. The involvement of cbETH quickly sparked rumors that the BALD memcoin was created by someone on the Coinbase team.
The coin’s market capitalization reached $50 million in less than 6 hours. At the peak of the price, the meme cryptocurrency rose 30,000%.
The token has no website, no social media and no team support. Who is behind it and what his goals are is unknown.
July 31, 2023 trading volumes exceeded $100 million. It later turned out that cheatcoiner was not the only “lottery winner”. The Lookonchain service published data on the purchase of 50 million BALDs from four different wallets for 0.534 ETH (over $1000). As trading picked up, they sold 37 million tokens worth 554 ETH.
While the hype around the asset was gaining momentum, however, BALD plummeted in value. Experts said the token’s creators withdrew liquidity by making a rug pull.
The Base blockchain is a second-tier solution to Ethereum. The test network was launched in January, and a developer version of the mainnet was released in mid-July. A public launch is planned for August.
Daily trading volume on Base has exceeded 550,000 transactions, according to DEXScreener. Base has processed more than 1.27 million transactions and has a transaction per second (TPS) of 0.7. Other technical details are available at the link.