BALD (BALD), a recently launched meme coin on the Base blockchain, saw its price plummet on Monday. As CoinJournal reported on July 30, the token saw its market cap jump from near $0 to $70 million in hours, continuing its meteoric rise to hit over $85 million with multiple traders reporting astounding gains.
However, on July 31, with market uncertainty rising around the actions of the BALD developer, the token’s price swiftly dropped. According to data from CoinGecko, BALD nosedived by nearly 90% as traders reacted to the development that saw Bald’s deployer remove millions of dollars’ worth of token liquidity. The token dropped from its peak of $0.09 to $0.004, losing more than 94% of its value.
Lookonchain highlighted that the BALD deployer had earned $5.7 million in two days. Coinbase had unveiled Base, an Ethereum layer 2 chain built on the OP stack in January and launched its testnet in February. The L2 blockchain went live for builders in July.
The sharp decline of BALD’s price shows the precarious nature of the meme coin economy. While traders may have made remarkable gains in a short space of time, such tokens are also subject to sudden sell-off pressure and a high level of market uncertainty.