BALD meme coin on Coinbase Layer 2 Base chain yields massive gains for traders overnight
- BALD, a newly launched meme coin bridged to Base, offers traders massive gains on their investment in less than 24 hours.
- Within 18 hours of investing $9,800, a trader turned upwards of $800,000 in profits on BALD.
- Whales scooped up the meme coin at a price as low as $0.0005 and BALD is trading at $0.082 at the time of writing.
Coinbase’s Layer 2 blockchain BASE is not officially live yet, however, it's important to note that crypto degens turned profits trading meme coins and bridging them to the Layer 2 chain overnight. BALD is one such meme coin that has yielded three-digit gains to holders since July 30.
Crypto analysts on Twitter speculate that the meme coin’s meteoric rise involved Coinbase insiders because of their large cbETH holdings.
Meme coin tides shift, yielding three-digit gains to degens on Coinbase’s Layer 2
Crypto X (formerly Twitter) was abuzz with calls for “BALD,” a newly launched meme coin on the Leetswap exchange. While Base network is not live yet, there is a large volume of assets locked in the blockchain. Hordes of newly launched tokens like BALD have flooded the blockchain since July 30.
On-chain analyst behind the Twitter handle @0xReflection analyzed a whale wallet that turned $9,800 to $815,000. The analyst notes that the first few “insiders,” meaning whales that bought BALD at prices as low as $0.0005, turned profits higher than 8,000%.
In just 18 hours, this #crypto wallet went from $9,8k to $815k ♂️
— Reflection (@0xReflection) July 30, 2023
Insider’s first to uncover $BALD & boosted his balance by 8173% !
Let’s dive in his trades I’ll show his next x100 gem pic.twitter.com/b8IhY0vWG7
Where this meme coin frenzy is headed next
The trend of meme coin calls on social media platforms and surge in trade volume and profitability overnight mostly consists of “hype” and “speculation.” These factors drive Fear, Uncertainty and Doubt (FUD) among holders, with large groups of whales scooping up the token and “dumping” or selling off in massive quantities across exchange platforms.
Traders are advised to perform their due diligence before engaging in trade of meme coins and newly launched tokens, given they are largely driven by crowd speculation.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
