BALD, a memecoin on Coinbase's layer 2 solution Base Blockchain, is up nearly 4,000,000% after its launch last night.
The BALD token currently has a market cap of approximately $63 million and is trading at $0.063. The name BALD is thought to be inspired by Coinbase founder Brian Armstrong.
However, it is unknown who is behind the token. 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.
Currently, the mainnet of the Base network is not open to users. The official bridge released by Base is only connected to the testnet. However, funds sent manually to the official contract address can be used on the Base network.
The point to note is that since there is no official bridge yet, tokens sent to the Base network cannot be recovered in any way. In other words, users who make a profit on this network actually cannot get their tokens back yet.
Based on the previously announced launch plan, Base will officially launch in early August.
*Not investment advice.