Coinbase Layer 2 blockchain traders drawn to three-digit gains in BALD as Bitcoin, Ethereum rally fades
- Coinbase Layer 2 Base gains popularity among market participants after degens book 100% gain in meme coins like BALD.
- Crypto traders started accumulating newly launched tokens BALD, OPTISM, COIN and BASED through a DEX, driving Base’s TVL higher.
- Total value of assets bridged to Coinbase’s Layer 2 crossed $63 million as traders moved on from Bitcoin, Ethereum’s dwindling volatility.
At the open of the Asian trading session, Bitcoin and Ethereum prices remained largely unchanged, below $30,000 and $1,900 levels respectively. As market participants reeled from the $100 million worth of crypto assets risked in the Curve exploit, Coinbase’s Layer 2 blockchain recorded a massive spike in total value of assets locked and network activity.
Crypto traders chased three-digit gains in meme coins like BALD and newly launched tokens OPTISM, and COIN among others.
Coinbase’ Base records over half a million transactions in 24 hours
Coinbase’s Layer 2 blockchain witnessed a massive spike in transactions on Base with the launch of tokens like BALD, OPTISM, and BASED. To unpack the hype surrounding the new meme coin BALD, evaluating the token’s deployment proved useful. BALD price rallied 100 times its price at launch, within a few hours on the DEX Leetswap.
A pseudonymous crypto analyst behind the Twitter handle @KuroXLB identified that the BALD token deployer is affiliated with Coinbase since the entity had 49% of the cbETH supply, this can be verified here.
While the community speculates the connection between BALD’s deployer and Coinbase insiders, whales, the meme coin has contributed to a massive spike in transactions on Layer 2 blockchain BASE.
Total value bridged on Base
As seen in the chart above, Dune analytics data reveals that $63 million worth of crypto assets are bridged to Base, as of July 31. It's important to note that Coinbase’s bridge launch is scheduled for August 9, however opportunistic crypto traders have started bridged assets to the network to buy the newly launched tokens like BALD, OPTISM, COIN, and BASED through LeetSwap.
LeetSwap witnessed a trading volume of $233 million over the past 24 hours, as degen traders continue to ape into meme coins. A degen is a trader who engages in risky/ speculative behavior without the necessary due diligence.
Bitcoin, Ethereum’s boring price action pushes traders to speculative tokens
Bitcoin and Ethereum price action has lacked volatility over the weekend and traders are looking forward to two and three-digit gains in speculative tokens launched across DEXes and new blockchains like Base.
After a month-long alt season, Blockchain center’s Alt season index reveals that BTC price action is catching up with altcoins and July’s alt season has come to an end. The index reads 71 on a scale of 0 to 100. A reading above 75 confirms it is the alt season.
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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.
