BALD meme coin surges 40,000% in 48 hours after which plunges

Crypto.information – Not too long ago launched meme coin, BALD, grew to a $50 million market capitalization from zero in sooner or later.

The coin skilled 40,000% progress in 48 hours earlier than encountering a free fall. On the time of writing, BALD is down by over 95%.

Moons and dumps

Launched just lately on Base, Coinbase’s layer-2 chain over (ETH), BALD has appeared out of the blue and reached heights many cash solely dream of accomplishing. Nevertheless, like all meme cash with zero utility, BALD is already in free fall.

Among the many suspected triggers of BALD’s current value surge is the rumor associating the coin with Coinbase (NASDAQ:) CEO Brian Armstrong. One other is the affect of the Base Community on the coin.

Based on a Forbes report, the brand new meme coin had greater than 11,000 transactions inside 24 hours, with over 4,300 holders.

Presently, customers can’t bridge their tokens from the Base Community, because it solely helps one-way bridging from Ethereum. What’s extra, solely a particular contract deal with permits the connection.

One other level specialists have introduced as a motive the upward pattern of BALD could by no means come again is that liquidity is often wanted to maintain such a value surge, and the token presently has low liquidity.

On the time of writing, BALD is buying and selling at $0.00226313, representing a 95.5% decline within the final 24 hours, in accordance with CoinGecko.

This text was initially printed on Crypto.information