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On July 29, a memecoin named BALD was introduced by a developer using the Twitter handle "Bald." The token saw an extraordinary rise of 289,000% on Coinbase within its first 14 hours of trading. But the euphoria was short-lived.
Just two days later, on July 31, the price of BALD took a nosedive, dropping by 85% after 1,034 Ether, worth around $1.9 million, were removed from the market. Twitter users were the first to point fingers at the developer, accusing them of pulling the liquidity. The developer, however, categorically denied selling any tokens and maintained that they merely "added/removed 2 sided liquidity and bought."
The Base network, where BALD was launched, is still in its developmental stage. It opened for builders on July 13, but Coinbase's development team has strongly advised against ordinary users engaging with the network due to the lack of a functioning user interface (UI) for its bridge. An official release, complete with a bridge UI, is scheduled for August.
Despite these clear warnings, many investors, lured by the prospects of early profits, purchased assets on the network using development tools to bridge Ether from Ethereum to Base without a UI.
Blockchain data shows that the BALD token was deployed by an account, which was later found to have removed 1,009.41 Wrapped Ether in liquidity. This fueled the speculations and anger among the investors.
This incident closely follows another disaster that occurred just days before on July 26, when over $2 million was lost following the launch of another memecoin, Pond0x, due to a faulty transfer function.
The BALD token's catastrophic fall raises fresh concerns about the volatile nature of the cryptocurrency market and highlights the risks and complexities tied to investing in nascent projects, especially memecoins. While it is a lucrative field for many, it is also one fraught with danger and uncertainty.
