The Meme Coin’s 24 Hours of Glory
Intraday Trading Frenzy
- During the intraday trading session on Sunday, BALD’s value rallied by $4,000,000.
- Its market capitalization almost touched $100 million in a single day as trading intensified.
- However, as the project’s developers remove liquidity from the BALD/WETH liquidity pool, the meme coin’s value has plummeted.
The Coinbase Connection
Coinbase’s Layer 2 platform Base experienced a surge in user activity on July 30 as daily traders flocked to the OP-Stack-based platform to trade the newly-launched meme coin Bald (BALD).
Although Base remained in testnet and only opened up to developers in mid-July, traders who sought to book quick profits by apeing in on the meme coin found a way around it.
While not having any website or a proper doxxing of the developers behind it, BALD amassed a market capitalization of $50 million a few hours after traders caught a whiff of the first tweet where the token was “mentioned.”
The Market Went on a Prowl
As BALD’s trading volume climbed, its market capitalization surged significantly. It went as high as $50 million on Sunday afternoon, causing a number of traders to log huge gains.
For example, Crypto Twitter user @cheatcoiner, who made the first tweet about the token, recorded over $1 million from a $500 investment.
Likewise, on-chain analytics platform Lookonchain found that in just four minutes after BALD began trading, four addresses purchased 50 million worth of BALD tokens for 0.534 ETH. This represented 50% of the total supply of the meme coin’s supply.
Shortly after, they sold 337 million BALD tokens for $1.04 million, resulting in a remarkable profit of $1 million within a single day with a $1,000 initial investment.
All’s Well That Ends Well
As BALD trading intensified on Sunday, the project’s developers consistently added Ether tokens to the BALD/WETH liquidity pool. This enabled smooth trading between BALD and the leading alt ETH, and by Monday, the trading pair accumulated more than $32 million in liquidity and recorded a trading volume exceeding $100 million.
However, by mid-day on Monday, data from Basescan revealed that BALD’s developers removed $12 million worth of wrapped Ether [WETH] from BALD’s liquidity pool, causing BALD’s price to plummet.
At press time, the token exchanged hands at $0.002492, dropping by over 90%. Also, the available liquidity on the BALD/WETH liquidity pool stood at $38,000, data from DexScreener revealed. Likewise, the market capitalization that almost touched $100 million was below $3 million at the time of writing.
Conclusion
The BALD meme coin’s 24 hours of glory will be remembered as a wild ride, with its market capitalization surging from $0 to almost $100 million and then plummeting back down to almost nothing. The rapid growth and subsequent collapse of the token’s value were fueled by a combination of factors, including the hype surrounding its launch, the ease with which traders could buy and sell the token, and the actions of the project’s developers.
FAQs
Q: What is the BALD meme coin?
A: BALD is a newly-launched meme coin that experienced a surge in popularity and value following its launch on Coinbase’s Layer 2 platform Base.
Q: How did BALD’s value surge so quickly?
A: BALD’s value surged due to a combination of factors, including hype surrounding its launch, ease of buying and selling the token, and the actions of the project’s developers.
Q: What happened to BALD’s value after its surge?
A: BALD’s value plummeted after its developers removed liquidity from the BALD/WETH liquidity pool, causing the token’s price to drop by over 90%.
Q: Is it possible to bridge funds to the Base network?
A: Yes, it is possible to bridge funds to the Base network, but it is currently only possible to bridge funds to the Base Mainnet network, and bridging back remains officially impossible.
