Recently launched meme coin, BALD, grew to a $50 million market capitalization from zero in one day.
The coin experienced 40,000% growth in 48 hours before encountering a free fall. At the time of writing, BALD is down by over 95%.
Moons and dumps
Launched recently on Base, Coinbase’s layer-2 chain over Ethereum (ETH), BALD has appeared out of the blue and reached heights many coins only dream of attaining. However, like all meme coins with zero utility, BALD is already in free fall.
Among the suspected triggers of BALD’s recent price surge is the rumor associating the coin with Coinbase CEO Brian Armstrong. Another is the influence of the Base Network on the coin.
According to a Forbes report, the new meme coin had more than 11,000 transactions within 24 hours, with over 4,300 holders.
Currently, users cannot bridge their tokens from the Base Network, as it only supports one-way bridging from Ethereum. What’s more, only a specific contract address allows the connection.
Another point experts have presented as a reason the upward trend of BALD may never come back is that liquidity is usually needed to sustain such a price surge, and the token currently has low liquidity.
At the time of writing, BALD is trading at $0.00226313, representing a 95.5% decline in the last 24 hours, according to CoinGecko.