Bald developer destroys 60% of BALD token supply after rug pull incident

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Written on Mar 26, 2024

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Base’s BALD memecoin saw investors suffering from an exit scam in July 2023.
The project’s developer burned over 600M coins on Tuesday.
The token burn triggered significant price surges, triggering a 45% jump on the daily chart.

Coinbase’s Base has seen increased popularity amid memecoin rallies. One of its earliest projects, the Bald meme token, dominated Tuesday’s crypto market trends after burning 60% of the token supply.

Notably, the meme token came back online over the last few days since the July 2023 rug pull, when the developer cashed out around 7,000 Ethereum assets from the community.

BREAKING:$BALD removes over 7,000 ETH of liquidity.
Price crashing. pic.twitter.com/bQJL5YdLKC
— WhaleFUD (@WhaleFUD) July 31, 2023

BALD developer blazes over 600M coins

Basescan shows the deployer destroyed around 600 million coins in two transactions within five hours early today. That amounted to 60% of the coin supply.

BALD price soars on reduced token supply

Bald recorded substantial price upticks over the past day, responding to the reduced coin supply. The alt traded at $0.05359 during this writing, up 46% on the 1-day chart.

A decline in circulating supply generally catalyzes bullish price movements as demand surges.

Base’s memecoins ecosystem

The L2 platform saw increased attention lately as most of the memecoins on the network recorded astronomical surges, sending Base total value locked to record highs.

Base TVL doubles in a month as pundits tip memecoins to drive adoption

Coinbase’s Ethereum layer-2 Base saw its total value locked double to $2 billion in March.
— Minerium (@MineriumUS) March 25, 2024

The TVL uptick emerged as some of the related meme tokens recorded massive surges over the past month, with Toshi, Mochi, and Degen soaring 350%, 230%, and 88%, respectively, on the 30-day price charts.