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Meme coin mania erupted on Coinbase’s new Layer 2 Blockchain, Base, as BALD token surged into the stratosphere.
At one level on the weekend Bald, seemingly named after bald Coinbase CEO Brian Armstrong, was up 4 million p.c regardless of having no official web site, identified backer, or use.
As Base is but to be linked to the remainder of the crypto ecosystem, buyers on the community are unable to take income till builders introduce a token bridge. That’s not scheduled till August 9.
So what’s a $BALD token and why did it go viral? Listed here are some solutions to these key questions:
What’s BALD Token?
Details about the BALD coin is at present scarce because it lacks an official web site or an outline on CoinMarketCap. Nevertheless, it’s a meme coin, whose identify is believed to be a playful reference to Coinbase CEO Brian Armstrong‘s bald head. Because of its restricted availability of particulars, additional details about the BALD coin stays elusive at the moment, regardless of numerous hypothesis on social media web site.
fairly certain the BALD deployer is affiliated with coinbase one way or the other contemplating he had 49% of the cbETH provide pic.twitter.com/QivTYzkMui
— Kuro (@KuroXLB) July 30, 2023
Regardless of the shortage of any discernible function, creator or utility, $BALD went ballistic over the weekend giving buyers greater than 4 million p.c returns in lower than 48 hours of mint. On the time of writing, the token has an infinite quantity of liquidity, at present at $32.7 million.
It’s now one of many trending tokens on X, with some buyers making tens of millions in paper income after putting very small preliminary investments.
That’s exactly what occurred to a dealer going by the identify Cheatcoiner.eth on Twitter. Curiously, this particular person managed to find the coin, though the circumstances surrounding the invention stay unclear. They declare to have acquired 2% of the coin for $500 when the coin’s market cap was underneath $50k.
On the time of writing, the market cap stands at $55.7 million, that means Cheatcoiner.eth is sitting on greater than one million {dollars} in revenue proper now.
Simply woke as much as 1.5M baggage lmao
I’m speechless…
I assumed it could take longer, it’s just the start.
8figs subsequent week?$BALD $BASE https://t.co/y3bAAjS4fv
— cheatcoiner.eth (@cheatcoiner) July 30, 2023
Some wallets tracked by Lookonchain, a blockchain analytics service, reveal {that a} small variety of consumers invested as little as 0.5 ETH in $BALD and profited upwards of $1 million.
These 4 addresses spent 0.534 $ETH($1K) to purchase 50M $BALD (50% of the overall provide) inside 4 minutes of $BALD beginning buying and selling.
Then bought 37M $BALD for 554 $ETH($1.04M).
Earned $1M with $1K in 1 day! pic.twitter.com/gXIDRjbhic
— Lookonchain (@lookonchain) July 30, 2023
One other meme coin with the ticker HAIRY has additionally gone on an unbelievable rally, surging effectively over 8,000% in 4 hours.
At press time, HAIRY instructions a $371, 570 fully-diluted market cap, with a 24-hour buying and selling quantity of $656.220.
BALD Issues
Crypto gamers have raised issues with $BALD related to its chain – the BASE Chain. The BASE chain is a “safe, low-cost, developer-friendly Ethereum Layer 2 community’ constructed on Optimism” that was launched by the Coinbase crypto change on July 13.
Round $47 million has already been transferred to the Base chain, which is a one-way bridge in the mean time. This implies base customers are unable to bridge their tokens off the community. As soon as ETH is deposited on the community, it can’t be transferred again to a different usable chain like Ethereum till Base builders introduce a token bridge.
Nevertheless, there’s excellent news because the bridge to return to the Ethereum mainnet is scheduled to open on August 9.
Over $46m bridged to BASE.
The bridge again to ETH mainnet will solely open on the ninth of August, which implies liquidity is trapped till then.
Most likely a very good time to go on vacation. pic.twitter.com/hVbXj1IKVB
— francesco (@francescoweb3) July 30, 2023
Nevertheless, the most important whale for the $BALD token is alleged to have deployed purchases via $cbETH, the Coinbase variant of staked ETH. There are speculations that it might be an insider to Coinbase with some merchants even speculating the $BALD deployer is Brian Armstrong himself.
$BALD to $100M Mcap?!
A brand new memecoin emerged on @coinbase’s new chain, BASE, constructed on Optimism.
It has since accomplished a 100X in only a few hours, being one of many few cash that may be aped on BASE chain.
Nevertheless, right here comes the fascinating half!
The coin itself appears to have… pic.twitter.com/2zdMRZjdsS
— MTS (@matrixthesun) July 30, 2023
And that’s not the one downside with the $BALD token. Provided that it’s constructed on a brand new chain, there may be at present no approach to bridge out any income which can be made on an funding. That’s the reason a crypto investor and dealer going by the identify Woman of Crypto is warning buyers to not rush to place their hard-earned cash into this token solely to lose it to “scammers and rug pullers.”
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