BALD, a new memecoin based on the Base network has seen a remarkable surge in price within the last 24 hours.
According to Colin Wu, a popular crypto news reporter, BALD has seen a relatively 30,000x in the last 24 hours, aiding its market cap to surpass $70 million. Wu further stated that a total of 25,000 ETH has been deposited on the base chain
Colin Wu tweeted, “Memecoin BALD based on the Base network has increased by as much as 30,000x in the past 24 hours, and its market value has exceeded 70 million US dollars. At present, there are about 25,000 ETH deposited on the Base chain, of which LeetSwap BALD/WETH has more than 9,800 WETH liquidity.”
Memecoin BALD based on the Base network has increased by as much as 30,000x in the past 24 hours, and its market value has exceeded 70 million US dollars. At present, there are about 25,000 ETH deposited on the Base chain, of which LeetSwap BALD/WETH has more than 9,800 WETH…
— Wu Blockchain (@WuBlockchain) July 30, 2023
In the world of cryptocurrency, timing is very essential. There are lots of drivers for a token massive surge in price but speculation takes center stage. The same can be said of BALD over the last 24 hours.
BALD, a layer two chain recently launched in Coinbase’s Base and rose from 0 to around $70 million in market capitalization in a single day. At the moment, Base Network only supports one-way bridging from Ethereum, which should be made through a specific contract.
The crypto price tracking platform CoinGecko also revealed that BALD recorded more than 11,000 transactions within the space of 24 hours. While BaseScan Explorer revealed that the new digital asset now has over 4,300 holders.
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Why BALD is Rising at the Moment?
The recent listing of the digital asset on Coinbase is certainly one of the factors behind the massive rise in price and the launch over their chain may have a similar effect.
As Base Network becomes a new thing in the crypto industry, launching it usually impacts projects and their digital assets, especially based on speculation.
Another reason is the narrative behind the projects and how their tokens can transform into memecoins. These types of projects don’t need robust technology or impressive fundamentals. The fact that they are compatible with the largest blockchain platform Ethereum is enough for to stimulate massive growth at launch. Good examples are Bitcoin’s Ordinals and BRC-20 tokens this year, including the craze around PEPE.
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