Over the weekend, meme coin mania returned with new fervor as it reached the Coinbase-backed Ethereum layer-2 network Base.
On July 30, BALD, an obscure meme coin with no website, on the L2 solution gained wide attention after its value exploded by more than 10,000% on the decentralized exchange Leetswap to a peak of around $0.085, and its market capitalization soared above $85 million, according to Dexscreener data. The asset’s trading volume during the period was more than $100 million.
Some community members linked the meme coin to Coinbase insiders. One tweet noted that BALD’s deployer is a whale connected to a large supply of Coinbase liquid Ethereum token, cbETH.
Rug pull fears emerge
On-chain data shows that its value sharply declined by more than 80% after its deployer removed millions of dollars worth of liquidity, prompting speculations of a rug pull.
The deployer stated on the project’s official Twitter account that he had not sold any tokens since the launch. He clarified that the transactions were to add two-sided liquidity to the token.
However, crypto sleuth The Data Nerd said the deployer withdrew 7,000 ETH and 142 million BALD tokens worth $13 million. The deployer’s address currently holds 12,000 ETH worth $23 million.
Degens profit
At its peak, one Twitter user turned a $500 investment in the meme coin into a $1.5 million profit. On July 29, Cheatcoiner tweeted that he bought 2% of the asset under the $50,000 market cap.
According to Lookonchain, four addresses that spent around $1,000 to buy 5% of the asset’s total supply of 50 million BALD tokens made $1 million in a day after its value soared. The addresses were purchased 4 minutes after the digital asset started trading, and Lookonchain suggested that the buyers were probably insiders.
Another address that made a significant profit was “0xC57E”, which earned over 400 ETH, more than $800,000, in one day. According to Lookonchain, the address bought BALD with 65 ETH on…
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