According to Odaily Planet Daily, according to Spot On Chain monitoring, BALD developers destroyed approximately 600 million tokens (approximately 60% of the supply), in just 24 hours, causing the BALD price to surge by 60%. BALD Coin’s price soared from $0.0348 to a peak of $0.0567.
There are various disputes among investors regarding the developer’s past actions. There are differing opinions about the project’s future and the developer’s good intentions. One community member wrote, “The BALD deployer, who initially pulled a rug pull on Base, is on the move again. Just burned millions of BALD. LP is not locked. It’s said to be the Milky Way and a scammer.”
We all know the excitement that memecoins on the Solana network have triggered. The recent move by BALD Coin not only skyrocketed its price but also positively affected the prices of memecoins on the BASE network. If you recall, last year, these tokens created a significant hype for a short period.
TOSHI, MOCHI, SMUDCAT, DEGEN, and BRETT saw increases ranging from 8% to 154%. If this trend can be sustained even in the short term, we might see memecoins on the BASE network making ridiculously high gains.
Looking at the downside, despite the rise, memecoins on the BASE network still have modest market values compared to alternative network memecoins. This potential for high volatility should not overlook the lack of investors that would trigger speculative activity due to reasons such as the BASE network’s lesser popularity.
Memecoins, known for their viral appeal and often community-focused initiatives, are useless in the crypto market. Moreover, the BALD Coin developer, previously branded a scammer, is now clearly showcasing the risk with this move to polish the token.
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