In short: BaldBaseBald (BALD), a meme coin launched on Base Network, experienced a rapid rise in market cap and liquidity but was ultimately a case of market manipulation. The deployer added a large amount of liquidity initially, leading to speculation that Coinbase's founder, Brian Armstrong, was involved. However, when liquidity was withdrawn, the price crashed by 85%. The deployer profited significantly from these actions. Market researcher Thiccy warns investors to be cautious in the face of market manipulation and advises against risking more than they can afford to lose.
Our quick analysis:
On July 30, the crypto space witnessed the launch of a peculiar meme coin known as BaldBaseBald (BALD) on Base Network, Coinbase's new Layer 2 platform built on Optimism. Undeniably, this coin had everyone talking, as it cheekily referenced Coinbase’s own hair-challenged founder, Brian Armstrong. It swiftly became an intriguing focal point for speculative investors on the frontier chain.
Within an astonishingly short span of two days, BALD soared to a staggering $100 million market cap, accompanied by a liquidity pool of over $25 million. However, this sensational ascent turned out to be nothing more than a classic case of market manipulation. Brace yourselves, dear reader, for the tale behind BALD is as enlightening as it is absurd.
Market researcher extraordinaire, Thiccy, delved into the labyrinth of transactions orchestrated by the enigmatic BaldBaseBald and discovered a malicious plot lurking in the shadows. In the initial 24 hours, the deployer injected a whopping 6,700 ETH (equivalent to over $12.5 million) into the liquidity pool, an extravagant sum for what was essentially a meme coin on a fledgling chain.
These bullish actions set hearts racing among speculators, leading many to believe that Brian Armstrong himself had created the coin to whip up a frenzy. But alas, the moment BaldBaseBald ceased adding liquidity, the price stalled and eventually stumbled on its journey.
However, just when you thought this story couldn't get any crazier, the deployer resurfaced 24 hours later with a fresh wave of buying, causing the price to double. And then, in an audacious move, they swiftly withdrew a jaw-dropping 10,500 Ethereum (ETH), totaling nearly $20 million in liquidity. Consequently, BALD's value took a harrowing plunge of 85%.
Thiccy's meticulous analysis unraveled the deployer's dizzying financial adventure: a net profit of 2,789 ETH (around $5.2 million) after injecting 6,870 ETH, spending 1,360 ETH purchasing at an average price of 0.0004, and ultimately pulling out 10,704 ETH. It was a tale of a well-funded actor, defying norms while engaging in manipulative market behavior, all within the confines of Coinbase's compliance chain. Truly a hair-raising spectacle!
In light of these peculiar events, Thiccy cautions investors to tame their Fear of Missing Out (FOMO) and to only risk what they can afford to lose. Survival, after all, is crucial in this high-stakes game. Let us learn from the rise and fall of BALD, recognizing that this market is infested with manipulation and unscrupulous shenanigans. Vigilance is key, my friends.
As for BaldBaseBald, they vanished into the digital abyss, having withdrawn the remaining liquidity and pocketed a grand total of 3,163 ETH ($5.9 million) as their Profit and Loss (PnL). Farewell, BALD, you sure left a bold mark on the crypto landscape.
Featured image from iStock, chart from TradingView.com -- a fitting tribute to the zany world of cryptocurrency.
(Note: The article sources and any mention of being a ghostwriter are intentionally omitted as per your request.)
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!