According to social media reports and blockchain data, the price of Bald, a new memecoin on Coinbase’s Base network fell by about 85% after its developer allegedly pulled 1,034 Ether in liquidity, worth approximately $1.9 million, from the market. The developer for Bald (BALD) is expected to have denied making any market sales of the coin, adding that, “[I] just added/removed 2-sided liquidity and bought,” stated Cointelegraph.
Sources revealed on July 29, 2023, that an unknown developer with the Twitter handle “Bald” announced the launch of the BALD token on Base at address 0x27D2DECb4bFC9C76F0309b8E88dec3a601Fe25a8, Cointelegraph added.
It is expected that the token gained about 289,000% within the first 14 hours of trading. But on July 31, 2023, Twitter users started complaining that the token’s deployer account had removed 1,034 ETH in liquidity, causing its price to fall to nearly zero, Cointelegraph highlighted.
Furthermore, blockchain data identified that the BALD token was deployed by an account named 0xccfa0530b9d52f970d1a2daea670ce58e4176389, which removed about 1,009.41 Wrapped Ether (WETH) in liquidity on July 31, 2023, (12:13 pm UTC), Cointelegraph concluded.
(With insights from Cointelegraph)