The name BALD is a reference to Coinbase’s CEO Brian Armstrong. “Bald” translates from English as “bald.”
According to DexScreener, memcoin’s capitalization soared from 0 to $50 million and its price climbed 40,000%. A post about how an unnamed trader turned a $500 investment in BALD into $1.4 million also went viral on social media.
However, BALD’s creator took millions of dollars worth of liquidity out of its only conversion channel, after which memcoin collapsed by 90%.
Recently, analysts at the service ChainPlay surveyed 1,503 cryptocurrency investors around the world. Turns out the vast majority don’t trust meme coins and think they are fraudulent.
Matrixport’s head of research, Markus Thielen, compared investing in meme cryptocurrencies to being addicted to lottery games.