BALD Meme Coin Implodes Amid Allegations and Denials
BALD, a new meme coin on Coinbase’s Base blockchain, experienced a massive rise in value followed by a steep decline. The coin rose as much as four million percent before plummeting over 94%. The developer of BALD tweeted that they had not sold any tokens, but later admitted to selling them for Ether. Social media reports and blockchain data suggest that the crash was triggered when the developer removed Ether liquidity worth $1.9 million from the market.
Main Breakdowns:
- BALD coin experienced a drastic rise and fall in value.
- The developer initially denied selling any tokens but later admitted to it.
- Social media reports and blockchain data suggest the crash was triggered by the removal of Ether liquidity.
- The BALD token is believed to reference Coinbase CEO Brian Armstrong, who is bald.
- Base, Coinbase’s blockchain, is yet to be connected to the broader crypto ecosystem, limiting investors’ ability to take profits.
Closing:
The rise and fall of BALD serves as a cautionary tale for crypto investors. Meme coins with no clear purpose or utility can experience extreme volatility. The lack of regulation and oversight in the crypto industry makes it susceptible to rug pulls and sudden crashes. It’s important to exercise caution and do thorough research before investing in any cryptocurrency.
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