The price of the BALD token has experienced a massive drop of nearly 90% as sell-off pressure mounts. This steep decline in value occurred when the deployer of the meme coin removed all ETH liquidity, causing panic among traders.

Just a day before, the price of BALD had soared, with its market cap skyrocketing from nearly $0 to $70 million in a matter of hours. The token continued to rise, reaching a market cap of over $85 million and resulting in substantial gains for traders.

However, on July 31, uncertainty surrounding the actions of the BALD developer led to a significant drop in price.

BALD Price Plummet

According to data from CoinGecko, BALD experienced a nosedive of almost 90% as traders reacted to the news of the developer removing millions of dollars’ worth of token liquidity. The token quickly dropped from highs of $0.09 to $0.004, marking a decline of more than 94% from its peak.

Smart money on-chain account Lookonchain revealed that the BALD deployer earned $5.7 million in just two days.

The $BALD deployer has removed all liquidity of BALD/ETH.

He bridged 9,385 $ETH to #Base, and now he holds 12,433 $ETH, earning 3,048 $ETH ($5.7M) in 2 days.https://t.co/MghRrP9jw5 pic.twitter.com/UgFi71mY5D

— Lookonchain (@lookonchain) July 31, 2023

Base, an Ethereum layer 2 chain built on the OP stack, was launched by Coinbase in January. Its testnet was introduced in February, and the L2 blockchain became available for builders in July.

Summary

The price of the BALD token has experienced a significant drop as the developer removed all ETH liquidity, causing panic selling. The token, which had previously seen substantial gains, plummeted by nearly 90% as traders reacted to the news. The BALD deployer earned $5.7 million in just two days, leading to questions and concerns about the actions taken.

FAQs

What is BALD token?

BALD token is a meme coin recently launched on the Base blockchain, an Ethereum layer-2 blockchain.

Why did the price of BALD token drop?

The price of BALD token dropped by nearly 90% because the token’s deployer removed all ETH liquidity, leading to a sell-off and panic among traders.

How much did the BALD deployer earn?

The BALD deployer earned $5.7 million in just two days.

What is Base?

Base is an Ethereum layer 2 chain built on the OP stack. It was launched by Coinbase in January and became available for builders in July.