Benzinga - BALD, a meme coin launched on Coinbase (NASDAQ:COIN) Base Network, a layer two chain built on Ethereum (CRYPTO: ETH), soared from zero to $50 million in market capitalization, within just a day of its launch.
What Happened: Data from CoinGecko shows BALD marking a 30,000% growth, outperforming Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) within the last 24 hours.
At the time of writing, BALD was trading at $0.060. On Sunday, Dogecoin and Shiba Inu saw a dip in their values, experiencing a decline of 2% and 3% respectively.
Bald scored over 19,660 transactions in the past 24 hours, with more than 4,600 holders, as reported by the BaseScan explorer.
Arriving unannounced on Saturday, BALD made its debut on Uniswap. This enigmatic meme coin lacks a website, social media presence, and undisclosed origins.
Profit-Making Stories A Key Factor: Notably, there have been stories of traders making substantial profits from meager investments.
For instance, an anonymous trader known as Cheatcoiner reportedly earned $1.5 million from a mere $500 investment, as detailed by the crypto outlet NinjaNews. However, it remains unclear whether Cheatcoiner was able to cash out these gains.
The trader revealed acquiring 2% of the total token supply even before the market capitalization surpassed $50,000.
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Why It Matters: The driving factor is the narrative behind these projects and how their tokens can evolve into meme coins. It is not essential for these tokens to possess cutting-edge technology or exceptional fundamentals.
Instead, they can capitalize on their compatibility with Ethereum and leverage the novelty of Base as a new chain. Similar trends have occurred with meme coins like Pepe Coin (CRYPTO: PEPE) that captured headlines recently.
It’s important to approach these investments with caution due to the volatility associated with such tokens. Investors should exercise discretion and conduct thorough research before engaging in meme coin trading.
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