Data reveals that newly released bald (BALD) tokens on the Base blockchain dropped as much as 90% following Monday’s peak when the token’s deployer took away millions of dollars’ worth of liquidity.During the early hours of Monday morning in Europe, BALD held up to $32 million ether (ETH).The developer reportedly transferred millions, forcing rates to drop from 9 cents to 1 cent.At the time of writing, prices appeared to be recovering to 4 cents as few traders purchased the dip.
Bald coins’ market valuation reached $50 million on Sunday as their acceptance in trade circles increased.Late on Sunday, it reached a capitalization of $85 million, making traders like @cheatcoiner more than $1.4 million from a $500 investment.Blockchain data indicates that the deployer was providing liquidity at the time of writing by adding ether in smaller chunks.Prices increased steadily, but fearful holders kept offloading tokens in large quantities.
Based on applications submitted to Base, which was developed by cryptocurrency exchange Coinbase on OP Stack, opened to developers in mid-July after launching its testnet in January.Except for Sunday, when companies like BALD caused a sudden influx of funds and people to the blockchain, traction has been minimal thus far.