Categories: FintTechMenafn

Degens Fear Rugpull As BALD Developers Pull Liquidity

  • The price of BALD sharply tumbled from 9 cents to 1 cent on Monday after developers withdrew 6,800 ETH from the liquidity pool on LeetSwap.
  • On-chain data showed that developers began adding Ether back to the token pool in small tranches after the massive liquidity pull.
  • BALD’s market cap peaked at $85 million late on Sunday as degen traders aped into memecoin plays on Base, a layer 2 network built by Coinbase using Optimism’s OP stack.
  • One trader bagged $1.4 million in gains from an initial $500 investment over the weekend on Base.

What goes up must come down – the laws of gravity and memecoins.

BALD, a memecoin on Coinbase’s L2 network Base, fell sharply in price on Monday after developers pulled 6,800 ETH from the coin’s liquidity pool.

Data from Basescan showed that developers withdrew $12 million worth of wrapped Ether from BALD’s liquidity pool on decentralized exchange LeetSwap. The action resulted in a liquidity crunch that tanked BALD’s price from 9 cents to 1 cent before rebounding back around 2 cents at press time.

The sudden price fall means an over 60% decline in token price during Monday trading hours, per Coingecko.

BALD/USD by Coingecko

BALD Traders Touch The Moon

Degen traders made staggering gains on BALD over the weekend after the token leaped from a $50,000 market cap to over $85 million on Sunday evening. The coin boasts above $121 million in trading volume for the past 24 hours.

One trader @cheatcoiner saw their $500 investment rise to nearly $2 million in days as degen traders made speculative plays on the Base ecosystem.

https://twitter.com/cheatcoiner/status/1685988121408647168?ref_src=twsrc%5Etfw” rel=”nofollow noopener

The memecoin is built on Base, an L2 network released by crypto exchange Coinbase and designed using the OP developers stack from optimism. Base launched its testnet in January and opened its mainnet on July 13 for developers.

Base’s trading volume surpassed $200 million over the weekend as several memecoins launched in its ecosystem ahead of its full debut in August.

Ryan Helton

A Stock enthusiast since childhood, Ryan is known for his impeccable knowledge in the technology and gadgets niche. He has been working with eTrendy Stock as a contributor for most stock category and his articles are always well-researched and accurate.

Recent Posts

Dogecoin Price Recovery Stalls After 24% Weekly Fall

In the last week, Dogecoin (DOGE) fell 24% to $0.31, one of the largest declines…

8 hours ago

PivAssets Rewards Excellence: 3 Luxury Villas in Florida Up for Grabs!

California, USA, 23rd December 2024, ZEX PR WIRE, At PivAssets, we believe in rewarding our…

21 hours ago

Rexla Global Launches Multi-Service Digital Platform with RXG Token, Targeting Widespread Adoption of Blockchain Services

Dubai, UAE, 23rd December 2024, ZEX PR WIRE, Rexla Global, a next-generation multi-service digital platform,…

21 hours ago

Ripple’s RLUSD Stablecoin Sees Muted Launch, $3 Million in Daily Trading Volume

Ripple’s highly-anticipated stablecoin RLUSD has seen a relatively muted launch, with trading volumes in the…

3 days ago

Bitcoin ETFs Face Record Outflows Amid Market Decline

Bitcoin exchange-traded funds (ETFs) experienced a substantial sell-off on December 19, recording net outflows of…

3 days ago

Paytora Simplifies Your Finances: Instant Crypto Conversion with an All-in-One Platform

Vancouver, Canada, 20th December 2024, ZEX PR WIRE, Paytora, an all-in-one digital banking platform that…

4 days ago