Coinbase, the US-based cryptocurrency exchange, has triggered a meme coin hype in the crypto market with the unbelievable surge of a memecoin on its Layer 2 network, Base. This indicates that the memecoin hype is far from over in the Web3 world. The memecoin, called BALD, has achieved a record surge among newly launched memecoins this year by increasing its value by 30,000 times in just 24 hours.
BALD’s Market Cap Surpasses $70 Million in a Few Days
According to the data from DEX SCREENER, at the time of writing this article, BALD is trading at $0.07442 and its market cap has surpassed $70 million within a few days since its launch on July 29. This characteristic feature demonstrates an impressive aspect of memecoins, which usually aim to make an impressive debut.
There are currently many speculations surrounding BALD’s emergence in the crypto world, with discussions mainly focusing on whether it is a non-fraudulent crypto project or not. The one-way bridge of the Base protocol explains the high liquidity in the memecoin.
Data shows that a total of 25,000 ETH has been deposited into the Base chain to provide liquidity for the BALD token. This liquidity has been achieved with more than 9,800 WETH from the DEX platform, LeetSwap, indicating a good distribution.
The Alleged Connection Between BALD and Coinbase
The initial large liquidity provided for the token led to allegations of a connection between BALD and Coinbase’s CEO, Brian Armstrong. Although the speculations and connection claims towards Coinbase’s CEO seem forced, the figures reached with the token’s launch indicate the possible involvement of a whale associated with the cryptocurrency exchange in the launch excitement.
At this point, it is important to note that memecoins are highly speculative assets capable of making significant price movements in a short period. Although PEPE initially faced speculations of being a scam project, it has proven to be a sustainable project over time. Whether BALD is a fraudulent project or not will be revealed in due course, despite its strong performance so far as a memecoin.
