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BALD Coin Rug Pull: How A $100 Million Memecoin Became Worthless Overnight
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

BALD Coin Rug Pull: How A $100 Million Memecoin Became Worthless Overnight

Ronaldo Marquez
Ronaldo Marquez
1 year ago
2 mins read
BALD

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On July 30, a meme coin called BaldBaseBald (BALD) launched on Base Network, Coinbase’s new Layer 2 built on Optimism. The coin referenced Brian Armstrong, Coinbase’s “bald” founder, and quickly became a coordination point for speculators on the frontier chain. 

Within two days, the token had reached a market cap of $100 million, with over $25 million in liquidity. However, the token’s meteoric rise turned out to be a classic case of market manipulation, as the deployer behind the token, BaldBaseBald, rug pulled the token and caused its price to plummet by 85%.

Malicious Market Behavior Behind BALD?

Market researcher Thiccy indexed all the transactions from the Bald deployer and uncovered a story of malicious market behavior. BaldBaseBald added over 6,700 ETH, or over $12.5 million worth of liquidity, to the pool in the first 24 hours, a surprising amount of capital for a meme coin on a new chain. 

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The deployer’s actions were undoubtedly bullish for speculators, and many people speculated that Brian Armstrong had created the coin to drum up hype. However, as soon as the deployer stopped adding liquidity to the pool, the price stagnated and broke down. 

BALD
BALD’s market behavior within 24 hours. Source: Thiccy

24 hours later, the deployer started bidding on BALD again, causing the price to double. Then, the deployer withdrew over 10.500 Ethereum (ETH), or almost $20 million worth of liquidity, leading to an 85% drop in the token’s value.

Thiccy’s analysis showed that the deployer had made a net profit of 2,789 ETH, or 5.2 million dollars, after adding 6,870 ETH, spending 1,360 ETH buying at an average price of 0.0004, and withdrawing 10,704 ETH. 

It was surprising how well-capitalized the actor was and how bold they were in carrying out this apparent manipulative market behavior in the middle of the public light on Coinbase’s compliance chain. Thiccy Concluded:

And with that, the story of BALD has come to a close play stupid games, win stupid prizes. Hopefully we can learn from this as a space this market is rife with market manipulation and unethical shills. Be careful who you trust.

Thiccy advises investors to control their Fear of Missing Out (FOMO) and not risk more than they can afford to lose, as survival is too important in this game. 

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As for BaldBaseBald has removed the rest of the liquidity, bringing their total Profit and Loss (PnL) to 3,163 ETH, or $5.9 million. 

BALD
Total crypto market capitalization continues consolidating between the $1.13 and $1.14 trillion zones. Source: TOTAL on TradingView.com

Featured image from iStock, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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