The memecoin was launched on Coinbase’s base, the Ethereum layer-2 network.
A few investors made 100,000% on very modest investments.
In the evolving world of the crypto market, one memecoin has caught the attention of the entire crypto community with its price surge. BALD, the newly launched memecoin, has experienced a significant surge after its launch.
Recently, the memecoin was launched on Coinbase’s base, the Ethereum layer-2 network, launched for developers on July 13. The listing on Coinbase has significantly impacted BALD’s trading price. The memecoin went from $0 to $50 million in market capitalization in a single day, with a massive growth of 40,000% in the last 48 hours.
Massive ROI for Few Investors
The Base network launches impactful projects, especially from a speculative perspective. Like other memecoins, BALD doesn’t have any technological developments or incredible fundamentals. However, Lookonchain, a blockchain analytics business, reports that a few investors made 100,000% on very modest investments.
Notably, Base users cannot bridge their tokens outside the network. Until the developers of Base implement a token bridge, ETH placed on the network cannot be withdrawn to another usable chain.
Source: CoinMarketCap
As the deployer of the newly issued BALD tokens on the Base blockchain withdrew millions of dollars worth of liquidity on Monday, the token’s price plummeted as much as 90% from its Monday high. Blockchain data reveals the liquidity was being topped up by the deployer in smaller increments of ether. The price of tokens grew consistently, yet holders still dumped them in droves out of fear.
However, as many financial experts have warned in the past, memecoins are known for their wild price fluctuations, so any investment in them should be taken with caution.