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BALD Token Plunges 90% as Developer Pulls Liquidity
BALD launched a little over 24 hours ago and has attracted massive hype - and millions in capital - to Base blockchain.
Updated Aug 1, 2023, 7:25 p.m. Published Jul 31, 2023, 1:06 p.m.
Newly-launched bald (BALD) tokens on the Base blockchain fell as much as 90% after peaking on Monday as the token's deployer removed millions of dollars worth of liquidity, data shows.
BALD held as much as $32 million ether during European morning hours on Monday. However, the developer apparently moved millions - causing prices to fall to 1 cent from 9 cents. Prices seemed to recover to 4 cents at writing time as few traders bought the dip.
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On Sunday, bald tokens amassed a $50 million market capitalization as their popularity picked up among trading circles. It ran up to $85 million capitalization late on Sunday - netting traders like @cheatcoiner over $1.4 million from an initial $500 investment.
At the time of writing, blockchain data shows the deployer was adding liquidity in smaller batches of ether. Prices steadily rose, but panicked holders continued to sell tokens en masse.
Base, built by crypto exchange Coinbase on OP Stack, launched its testnet in January and opened to builders in mid-July basis the submission of applications to Base. Traction has been scant, so far, except for Sunday when the likes of BALD led to a sudden rush in capital - and users - to the blockchain.
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