The altcoin that has experienced a massive surge recently, claiming to be associated with Coinbase, has caused significant losses. Today, after reaching its peak, the price has plummeted by approximately 90% due to the token issuer withdrawing all liquidity.
Why Did the BALD Token Fall?
The popularity of tokens on the BASE network had significantly increased on Sunday. This also attracted the attention of scammers. According to data, after reaching its peak on Monday, the newly launched BALD token on the Base network suffered a significant drop of up to 90% when the issuer withdrew millions of dollars worth of liquidity.
BALD had liquidity of up to $32 million earlier today. However, the developer seemingly withdrew millions of dollars worth of liquidity, causing the price to drop from $0.09 to $0.01. It appears that the price has recovered to $0.04 with limited investor interest at the time of writing this article.
Base, built by the cryptocurrency exchange Coinbase on the OP Stack, launched its test network in January, and developers started applying to Base in mid-July.
