From BALD to Worse: This Guy Just Turned $3,000,000 to $2,000 In 24 Hours

Solomon Odunayo — Tue, 01 Aug 2023 04:15:39 +0000

Another unforgettable rug pull has just taken place in the crypto ecosystem. A new memetoken based on Base network, BALD, has just dropped from a $100 million market cap to around $6 million overnight.

Recall that TimesTabloid reported that BALD saw a remarkable 30,000x surge within 24 hours, which aided its market to surpass $70 million. At that time, a total of 25,000 ETH was already deposited on the base chain by unsuspecting individuals.

$BALD Casualties: From $3,000,000 to $2,000 in 24 Hours

As expected, like Terra’s (LUNA) collapse of May 2022, there were casualties, but the one that caught the eye was that of an Ethereum guy, who turned $3 million worth of ETH into $2,000 in just 24 hours.

According to pseudonymous DeFi analyst OverDose, a user lost a fortune in the BALD well-planned rug pull. The analyst revealed that the anonymous user was buying $BALD with multiple ETH transactions. After the rug pull, his millions of dollars worth of investment drastically lost value.

This guy just turned $3,000,000 to $2,000 in 24 hours!

How?

0x0b141475df19d59e7dfdc88253379309577e2a36
Was buying $BALD with multiple 100 $ETH txs, until he spent 1,000 $ETH in total!

A few hours ago his bag was worth ~ 1600 $ETH

Now? it worth less than 5k pic.twitter.com/pcVltESz93

— OverDose (@Overdose_AI) July 31, 2023

How $BALD Rug Pull Happened?

Over the course of just three hours, the BALD developer initiated a series of strategic transactions. Initially, they removed about 10,705 $ETH (equivalent to $20M) and 224.6M BALD from liquidity. This implies that they withdrew these whopping amounts from the pool of funds that enables users to buy and sell the meme token.

The person behind the project continued by using 1,160 ETH (about $2.16 million) to purchase 29.7M BALD. This is similar to a company buying back its own shares, which could lure potential buyers of the token to trust their motives.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Finally, the con artist added 400 ETH and 18 million BALD back into liquidity. This move also encouraged the trading of BALD tokens to continue with confidence. The move also lured many unsuspecting investors to keep buying the asset.

Due to these dubious moves, the deployer’s ETH balance on Base, a crypto trading platform, swelled by 2,674 ETH worth $5 million, which was their gain in a very short time.

According to on-chain analyst Lookonchain, the deployer subsequently bridged 9,385 $ETH to #Base, bringing their total holdings on the platform to 12,433 $ETH. This implies that they earned an additional 3,048 $ETH worth $5.7 million in just two days.

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The post From BALD to Worse: This Guy Just Turned $3,000,000 to $2,000 In 24 Hours appeared first on Times Tabloid.

New Memecoin BALD Surges 30,000x in 24 Hours. Here’s why

Solomon Odunayo — Sun, 30 Jul 2023 19:11:39 +0000

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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— TimesTabloid (@TimesTabloid1) July 15, 2023

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.