Investors in the BALD meme coin look to be in for a very terrible day today as the coin’s price is rapidly falling. One of the most dramatic price declines in recent memory for the token, down a whopping 33% to $0.008465. The large amount of liquidity that the token’s deployer has taken from it is what caused the overnight decline in price of the Base-based meme currency.
The Bald Deployer has successfully transferred 7,000 Ethereum (ETH) tokens worth about $12.9 million from the Base network back to Ethereum, according to information provided by the cryptocurrency analytics portal Lookonchain, and has also deposited 2,100 ETH worth $3.87 million to the Kraken market.
Following this action, there are presently 2,237 ETH worth $4.13 million in the Base network and 2,000 ETH totaling $3.7 million in bridging, both of which might put a pressure on the meme coin if community redemption efforts escalate.
Since the protocol’s introduction a few weeks ago, one of the biggest concerns has been this liquidity drain by the BALD deployer. Analysis hints towards a possible rugpull even though the reason for the huge liquidity drain is still not entirely known.
Is end here for BALD?
Although the 33% decline in BALD’s price would seem like a very terrible choice for the cryptocurrency, the token has maintained a 20% increase over the previous seven days.
Furthermore, the trading volume, which is estimated to be $579,725.42 with a little increase over the previous 24 hours, indicates that there hasn’t yet been any panic purchasing in the community. These contrasting growth or performance measures suggest that the anticipated assault may either not be anticipated by the community or may be padded to avoid a severe downturn.
In either case, time will show that BALD’s validity is distinct, just as PEPE’s was.
