This past weekend saw the spectacular debut of the BALD coin, a new cryptocurrency on Coinbase‘s Base chain, which achieved a staggering $70 million market cap in under a day on the LeetSwap decentralized exchange. Since its unveiling on July 29, the value of the token surged by over 4 million percent before undergoing a correction.
Delving into the Origins of BALD
The BALD coin, despite its instant success, remains shrouded in mystery. With no website or detailed CoinMarketCap description available, gathering information about this intriguing new cryptocurrency proves challenging. Nonetheless, it has been classified as a meme coin, playfully referencing the bald scalp of Coinbase CEO, Brian Armstrong.
Rumors linking the coin with Coinbase insiders have quickly gained traction. Some traders even posit that Brian Armstrong himself might be the coin’s creator. With a whopping $30 million in liquidity, the token has become one of the hottest topics on crypto Twitter.
Unveiling the Base Blockchain
The Base network, described as a ‘secure, low-cost, developer-friendly Ethereum Layer 2 network,’ is the new chain on which Coinbase launched the coin. You can learn more about the Base network in Coinbase’s official introduction. The Base network’s official Twitter handle is @BuildonBase.
Although the full launch of the Base chain is slated for August, it currently operates as a one-way bridge. Consequently, holders of BALD and other Base coins cannot cash out their funds yet.