A little-known cryptocurrency that grew 400 times collapsed by 90% in a day

BALD, a meme cryptocurrency created on Coinbase's blockchain that grew 400 times, collapsed by 90% in a day. The token’s developer withdrew millions of dollars worth of liquidity from the single conversion channel.

In one day, BALD’s capitalization increased from $ 0 to $ 50 million, and its price jumped by more than 40,000% in 24 hours, according to DexScreener. A large-scale inflow of liquidity into the token occurred on Sunday, July 30. At that time, a post about how a trader turned $ 500 invested in BALD into $ 1.4 million went viral on social media.

At around 4 p.m., the token developer removed most of the liquidity on LeetSwap, withdrawing 7,000 ETH (over $ 13 million) and 142 million BALD tokens. The token price plummeted by 90% to $ 0.015. At the time of writing, BALD is trading at $ 0.019 with a market cap of $ 20 million, according to DexScreener.

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.

Interestingly, some members of the crypto community suspect that Армстронг «href="https://noworries.media/biography/brajan-armstrong/» data-bio-id="3684">Brian Armstrong, the head of the Coinbase crypto exchange, is involved in the BALD dump and dump. The name of the token is a reference to Armstrong (bald means «bald»).