BALD value nosedives 90% as deployer removes ETH liquidity

• BALD value down practically 90% as sell-off strain mounts
• Information exhibits costs plummeted as meme coin’s deployer eliminated all ETH liquidity.
• Bald is a token lately launched on Ethereum layer-2 blockchain Base.

Bald (BALD), a lately launched meme coin that went reside on the Base blockchain, plunged on Monday as sell-off strain mounted.

As CoinJournal reported on July 30, the worth of the meme token had skyrocketed as its market cap jumped from close to $0 to $70 million in hours. It continued its meteoric rise to hit a market cap of over $85 million and see a number of merchants report astounding good points.

However on July 31, with market uncertainty hitting the roof across the actions of the BALD developer, the token’s value plummeted.

BALD value

In response to information from CoinGecko, BALD nosedived by practically 90% as merchants reacted to the event that noticed Bald’s deployer take away thousands and thousands of {dollars}’ price of token liquidity. The token shortly fell from highs of $0.09 to $0.004, bleeding greater than 94% from that peak.

Sensible cash on-chain account Lookonchain highlighted that the BALD deployer had earned $5.7 million in two days. 

The $BALD deployer has eliminated all liquidity of BALD/ETH.

He bridged 9,385 $ETH to #Base, and now he holds 12,433 $ETH, incomes 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 constructed on the OP stack in January and launched its testnet in February. The L2 blockchain went reside for builders in July.