BALD, a memecoin on Coinbase's layer 2 solution Base Blockchain, had surged nearly 4,000,000% after its launch last night.
Reaching a market capitalization of $85 million, BALD experienced a 85% decline with the withdrawal of 7000 ETH liquidity.
In our news published yesterday, we stated that it is not known who or who is behind the token, that the base network is a new network and that it is still in the testing phase, that such projects may involve fraud, and we warned the investors.
After the sudden pullback in BALD's price, the Twitter account, which is thought to belong to the BALD token, posted on Twitter: “We're still here, calm guys, BALD is currently the most liquid coin in BASE, I haven't sold any tokens at any point since the distribution. Just added/removed and bought bilateral liquidity ” Wrote.
Cryptocurrency users need to be very careful, as Memecoins have risks and do not have any intrinsic value. In particular, memecoins in a network that has not yet been released can be extremely risky and involve fraud.