Key Takeaways:

Bald coin, a newly launched memecoin, dropped 97.5% within hours of launch.

The nosedive was a result of a possible rug pull by Bald developers.

NEW DELHI (CoinChapter.com) — Bald coin, a newly launched meme token, saw its prices plummet nearly 98% from its newborn all-time high on July 31.

The BALD token launched on Coinbase’s Base, an Ethereum layer-2 scaling solution built on OP stack. Bald crypto token started trading on LeetSwap on June 29 at a price of 0.000002 ETH. However, the Brian Armstrong-themed memecoin rallied by 4.34 million percent within fifteen hours to trade at 0.0867 ETH on July 30.

The BALD memecoin’s price rally broke down as profit booking pared gains. However, its price started rallying again on July 31, rising by 106% to reach its all-time high of 9 cents on July 31.

Then, all hell broke loose.

The Bald memecoin price plummeted nearly 98% before recovering slightly. The sudden price drop resulted in traders posting on X to term the project a scam. Several users also started calling the incident the “Bald rug pull” scam.

Crypto investor, Axel Bitblaze, had earlier posted a thread on X, alleging possible insider trading by Coinbase in the BALD scam.

Bitblaze noted that the token’s deployment was suspicious since an influential whale with a significant holding of cbETH (Coinbase’s version of staked ETH) introduced the coin.

This has led to speculations that $BALD might have been initiated by a Coinbase insider, and some have even ventured to propose the involvement of Brian Armstrong himself, the prominent figure behind Coinbase

Axel Bitblaze stated in a Tweet

Moreover, Bitblaze highlighted that the substantial liquidity of the BALD token suggested institutional backing. The crypto investor suggested that the project might either be a ‘honeypot‘ or a ‘rug pull‘ scam.

Bald Rugs Users, X Flooded With Stories Of Loss, Massive Profits, And Shills

On-chain data analysis platform Lookonchain noted that four addresses spent $0.534 ETH ( $1,000) to buy 50 million BALD tokens within 4 minutes of launch.

The four wallets then sold 37 million BALD tokens for 554 ETH tokens, or $1.04 million, netting a profit of $1 million in a day. Another user with the handle @cheatcoiner said they bought 2% of the supply. Such users often hype up the prices before dumping their holdings on unsuspecting followers.

However, Bald developers pulled out 100% of the token’s liquidity in one move. As a result, the BALD token price started crashing. As users began labeling the project a scam or a rug pull, Bald deployers stated that the project had not rug-pulled anyone

I didn’t sell a single token at any point since deployment. Just added/removed 2 sided liquidity and bought.

Bald developers claimed.

But users pointed out that the deployers did exchange BALD tokens for ETH, essentially indicating a sell-off and giving strength to the ‘Bald scam‘ or ‘Bald rug pull‘ narratives.

Reports suggest that Bald deployers had started adding liquidity for the token in small batches of Ether. Though prices rose slightly, panic selling of the token continued.

Moreover, crypto degens took the news of a possible rug pull to create another likely scam token called F**K Bald (FKBALD).

The Bald token has no official website, whitepaper, or any discernible purpose, creator, or utility. As such, a crypto trader warned his followers not to invest in the token based on news of some traders raking in millions.

Don’t be someone’s exit liquidity on this fine Sunday.

Crypto trader Horse warned

The post BALD Coin Price Plummets 98% Few Hours After Launch appeared first on CoinChapter.

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Filed under: Bitcoin - @ July 31, 2023 10:10 pm