BALD Token Crashes 90% Following Liquidity Pullout
BALD Token Crashes 90% Following Liquidity Pullout
Newly-debuted Bald (BALD) recorded a massive setback, plummeting by as much as 90.00% after reaching its peak on Monday.
The meme token experienced a remarkable rollercoaster ride after it surged to prominence with $32.00 million worth of Ethereum (ETH) from its launch.
Bald’s skyrocketing success came short-lived as a sharp decline was triggered by the sudden removal of liquidity by its deployer, causing its price to plunge from $0.90 to $0.10, CoinDesk reported.
Despite the initial blow, BALD's price showed signs of a slight recovery, edging up to $0.20 as some investors hoped for a rebound.
In an attempt to stabilize the market, the deployer gradually added liquidity in smaller batches of ether. Nevertheless, panic spread among traders, leading to a wave of token sell-offs and mounting market volatility.
As a result, the once-promising meteoric rise of BALD quickly dissipated, leaving the virtual coin in a state of uncertainty.
It was only a short time ago when Twitter user @cheatcoiner first brought attention to BALD, revealing its funding from Coinbase staked ether (cbETH) on the Base network, and claiming to have acquired 2.00% of the token's supply.
The initial buzz surrounding BALD soon translated into a $50.00 million market capitalization within a few hours, attracting traders from all corners.
By July 30, the market cap soared to $85.00 million, leading to a $1.40 million profit for @cheatcoiner from an initial investment of $500.
As the excitement fades, the Base blockchain community is now left to assess the aftermath of BALD's journey.
The once-thriving asset must now navigate the challenges of a volatile market to prove its legitimacy and potential as a long-term investment.
