Cryptocurrency experts name the token that grew 30,000 times in a day

Editor’s note: not financial advice!

The meme cryptocurrency created on the Coinbase blockchain has risen sharply overnight, as liquidity was injected into the project’s pools. The community suspects that Армстронг «href="https://noworries.media/biography/brajan-armstrong/» data-bio-id="3684">Brian Armstrong, the head of the crypto exchange, is involved in the bump.

The value of the BALD token increased by 30,000 times overnight. On Saturday, July 29, BALD appeared on the Uniswap exchange without any prior notice or announcement. And on Sunday, July 30, the digital asset broke into all cryptocurrency rankings, surpassing even Litecoin, which is preparing for halving, in terms of popularity and frequency of mentions.

At the peak of the pump, the token’s value approached $ 0.085, and the market capitalization reached $ 85 million. At the time of publication, the token is trading at $ 0.048 and continues to fall.

At one point, the BALD/WETH pool was ranked fifth in terms of liquidity among all the pools tracked by DEXScreener, ahead of WLD/USDC and LEET/WETH. It soon turned out that the coin was launched by a crypto kite, which was actively pouring into the cbETH pool, a variant of ETH that is staking on Coinbase.

Given that the token’s blockchain, Base, is connected to Coinbase, rumors have surfaced on the market that this whale is also related to the crypto exchange. Perhaps the company’s CEO Brian Armstrong is involved.

The Base blockchain is a second-tier solution for Ethereum. Over the weekend, the amount of funds blocked in it increased sharply due to the excitement around the BALD memcoin. At the time of publication, the value of funds blocked in BASE exceeded $ 50 million, although on Saturday morning, there were about $ 2 million on the blockchain.

The main Base network was launched on July 13, but it is still in the testing phase. The public launch is scheduled for August. It is not yet possible to withdraw assets from the blockchain. However, given the rapid growth of liquidity, it can be assumed that new tokens will soon appear on it.

In early July, users noticed a strange activity of the Coinbase founder. Brian Armstrong deleted more than a hundred of his Twitter messages. The crypto community believes that Armstrong was trying to cover his tracks amid Coinbase’s litigation with the US Securities and Exchange Commission.