BALD price down nearly 90% as sell-off pressure mounts
Data shows prices plummeted as meme coin’s deployer removed all ETH liquidity.
Bald is a token recently launched on Ethereum layer-2 blockchain Base.
Bald (BALD), a recently launched meme coin that went live on the Base blockchain, plunged on Monday as sell-off pressure mounted.
As CoinJournal reported on July 30, the price of the meme token had skyrocketed as its market cap jumped from near $0 to $70 million in hours. It continued its meteoric rise to hit a market cap of over $85 million and see multiple traders report astounding gains.
But on July 31, with market uncertainty hitting the roof around the actions of the BALD developer, the token’s price plummeted.
According to data from CoinGecko, BALD nosedived by nearly 90% as traders reacted to the development that saw Bald’s deployer remove millions of dollars’ worth of token liquidity. The token quickly fell from highs of $0.09 to $0.004, bleeding more than 94% from that peak.
Smart money on-chain account Lookonchain highlighted that the BALD deployer had earned $5.7 million in two days.
The $BALD deployer has removed all liquidity of BALD/ETH.
He bridged 9,385 $ETH to #Base, and now he holds 12,433 $ETH, earning 3,048 $ETH ($5.7M) in 2 days.https://t.co/MghRrP9jw5 pic.twitter.com/UgFi71mY5D
— Lookonchain (@lookonchain) July 31, 2023
Coinbase unveiled Base, an Ethereum layer 2 chain built on the OP stack in January and launched its testnet in February. The L2 blockchain went live for builders in July.