- The obscure and new memecoin of the Coinbase-incubated Base, BALD, has exhibited an astounding rise of 10,000%.
- The massive surge has created a frenzy among investors, doubting its connection to an insider trader.
- Researcher Axel Bitblaze provided insights into the prevailing ambiguities and cautioned investors on the honeypots on Base.
The colossal surge of the obscure and relatively new memecoin built on the Coinbase-incubated Base, called Bald, pushed the crypto community into a frenzy. Investors and traders raise eyebrows while the price of the Armstrong-themed token spikes by an astounding 10,000%, currently reaching $0.0523.
The crypto investor and NFT enthusiast, Axel Bitblaze, recently took to Twitter to share his perceptions on the mysterious Bald token. Diving deep into the implausible rise of the BALD, the researcher narrated the growing ambiguity among the community regarding insider trading and the involvement of Coinbase CEO Brian Armstrong.
On July 30, a crypto analyst known as MTS on Twitter revealed that BALD acquired a $100 million market cap and a return of 100x in just a few hours. The analyst also shed light on the connection of the coin to a whale who holds a large supply of cbETH, Coinbase’s staked Ethereum. His findings paved the way for suspicions regarding the coin’s launch by a Coinbase insider, probably the CEO.
Bitblaze invited the readers’ attention to the “remarkable success story” of BALD, drawing insights from the wild public acceptance of the coin. As an instance, the researcher took the case of @cheatcoiner, who accumulated 2% of BALD’s supply when its market cap stood merely at 50,000. Soon, the BALD holder gained over 1.5 million when the coin’s price skyrocketed to reach an appreciable market cap of 77 million. While cautioning the community on the “Honeypots on Base Chain,” Bitblaze cited:
In the midst of hype surrounding the BASE chain and its thrilling memecoins, it is crucial to be aware that not everyone operates with pure intentions…In the midst of hype surrounding the BASE chain and its thrilling memecoins, it is crucial to be aware that not everyone operates with pure intentions.
Meanwhile, Garlam Won, the CEO of the venture capital Momentum 6, shared a sarcastic post on Twitter, acknowledging being “bald” as a better way to become rich. He shared photographs of various bald-headed rich people, contrasting them with the haired men.
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