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 <p class="p1"><span class="s1">Meme coin mania erupted on Coinbase’s new Layer 2 Blockchain, Base, as BALD token surged into the stratosphere.</span></p> 
 <p>At one point at the weekend Bald, seemingly named after bald Coinbase CEO Brian Armstrong, was up four million percent despite having no official website, known backer, or use.</p> 
 <p><span class="s1">As Base is yet to be linked to the rest of the crypto ecosystem, investors on the network are unable to take profits until developers introduce a token bridge. That’s not scheduled until August 9.&nbsp;</span></p> 
 <p class="p1"><span class="s1">So what is a $BALD token and why did it go viral? Here are some answers to those key questions:&nbsp;</span></p> 
 <h2 class="p2" id="span-class-s1-what-is-bald-token-span"><span class="s1">What is BALD Token?</span></h2> 
 <p class="p1"><span class="s1">Information about the BALD coin is currently scarce as it lacks an official website or a description on CoinMarketCap. However, it is a meme coin, whose name is believed to be a playful reference to Coinbase CEO Brian Armstrong‘s bald head. Due to its limited availability of details, further information about the BALD coin remains elusive at this time, despite lots of speculation on social media site.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">pretty sure the BALD deployer is affiliated with coinbase somehow considering he had 49% of the cbETH supply pic.twitter.com/QivTYzkMui</p> 
  <p>— Kuro (@KuroXLB) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p1"><span class="s1">Despite the lack of any discernible purpose, creator or utility, $BALD went ballistic over the weekend giving investors more than four million percent returns in less than 48 hours of mint.&nbsp; At the time of writing, the token has an enormous amount of liquidity, currently at $32.7 million.&nbsp;</span></p> 
 <figure id="attachment_424895" aria-describedby="caption-attachment-424895" style="width: 100%" class="wp-caption aligncenter"> 
  <img decoding="async" class="wp-image-424895 size-full" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%202185%20943'%3E%3C/svg%3E" alt="BALD Token Dextools Chart" width="2185" height="943" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 2185w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 1024w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 768w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 1536w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 2048w" data-lazy-sizes="(max-width: 2185px) 100vw, 2185px" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp"> 
  <noscript> 
   <img decoding="async" class="wp-image-424895 size-full" src="https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp" alt="BALD Token Dextools Chart" width="2185" height="943" srcset="https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 2185w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 1024w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 768w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 1536w, https://cdn.thebittimes.com/images/2023/07/31/00a112d2ea4eb5930253e4a77beb6ce7.webp 2048w" sizes="(max-width: 2185px) 100vw, 2185px"> 
  </noscript> 
  <figcaption id="caption-attachment-424895" class="wp-caption-text">
    Dextools Chart: BALD/USD 
  </figcaption> 
 </figure> 
 <p class="p1"><span class="s1">It is now one of the trending tokens on X, with some investors making millions in paper profits after placing very small initial investments.&nbsp;</span></p> 
 <p class="p1"><span class="s1">That’s precisely what happened to a trader going by the name Cheatcoiner.eth on Twitter. Interestingly, this individual managed to discover the coin, although the circumstances surrounding the discovery remain unclear. They claim to have acquired 2% of the coin for $500 when the coin’s market cap was under $50k.</span></p> 
 <p class="p1"><span class="s1">At the time of writing, the market cap stands at $55.7 million, meaning Cheatcoiner.eth is sitting on more than a million dollars in profit right now.&nbsp;</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Just woke up to 1.5M bags lmao</p> 
  <p>I’m speechless…</p> 
  <p>I thought it would take longer, it’s just the beginning.</p> 
  <p>8figs next week?$BALD $BASE https://t.co/y3bAAjS4fv</p> 
  <p>— cheatcoiner.eth (@cheatcoiner) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p1"><span class="s1">Some wallets tracked by Lookonchain, a blockchain analytics service, reveal that a small number of buyers invested as little as 0.5 ETH in $BALD and profited upwards of $1 million.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">These 4 addresses spent 0.534 $ETH($1K) to buy 50M $BALD (50% of the total supply) within 4 mins of $BALD starting trading.</p> 
  <p>Then sold 37M $BALD for 554 $ETH($1.04M).</p> 
  <p>Earned $1M with $1K in 1 day! pic.twitter.com/gXIDRjbhic</p> 
  <p>— Lookonchain (@lookonchain) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p1"><span class="s1">Another meme coin with the ticker HAIRY has also gone on an incredible rally, surging well over 8,000% in four hours.</span></p> 
 <figure id="attachment_424899" aria-describedby="caption-attachment-424899" style="width: 100%" class="wp-caption alignnone"> 
  <img decoding="async" class="size-full wp-image-424899" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201801%20946'%3E%3C/svg%3E" alt="HAIRY Dextools chart" width="1801" height="946" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 1801w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 1024w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 768w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 1536w" data-lazy-sizes="(max-width: 1801px) 100vw, 1801px" data-lazy-src="https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp"> 
  <noscript> 
   <img decoding="async" class="size-full wp-image-424899" src="https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp" alt="HAIRY Dextools chart" width="1801" height="946" srcset="https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 1801w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 1024w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 768w, https://cdn.thebittimes.com/images/2023/07/31/940c097091abbbb6d9a00370958fa930.webp 1536w" sizes="(max-width: 1801px) 100vw, 1801px"> 
  </noscript> 
  <figcaption id="caption-attachment-424899" class="wp-caption-text">
    Dextools Chart: HAIRY/USD 
  </figcaption> 
 </figure> 
 <p class="p1"><span class="s1">At press time, HAIRY commands a $371, 570 fully-diluted market cap, with a 24-hour trading volume of $656.220.&nbsp;</span></p> 
 <h2 class="p2" id="span-class-s1-bald-concerns-span"><span class="s1">BALD Concerns</span></h2> 
 <p class="p1"><span class="s1">Crypto players have raised concerns with $BALD associated with its chain – the BASE Chain. The BASE chain is a “secure, low-cost, developer-friendly Ethereum Layer 2 network’ built on Optimism” that was launched by the Coinbase crypto exchange on July 13.&nbsp;</span></p> 
 <p class="p1"><span class="s1">Around $47 million has already been transferred to the Base chain, which is a one-way bridge at the moment. This means base users are unable to bridge their tokens off the network. Once ETH is deposited on the network, it cannot be transferred back to another usable chain like Ethereum until Base developers introduce a token bridge.</span></p> 
 <p class="p1"><span class="s1">However, there’s good news as the bridge to return to the Ethereum mainnet is scheduled to open on August 9.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Over $46m bridged to BASE.</p> 
  <p>The bridge back to ETH mainnet will only open on the 9th of August, which means liquidity is trapped until then.</p> 
  <p>Probably a good time to go on holiday. pic.twitter.com/hVbXj1IKVB</p> 
  <p>— francesco (@francescoweb3) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p1"><span class="s1">However, the largest whale for the $BALD token is said to have deployed purchases through $cbETH, the Coinbase variant of staked ETH. There are speculations that it could be an insider to Coinbase with some traders even speculating the $BALD deployer is Brian Armstrong himself.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">$BALD to $100M Mcap?!</p> 
  <p>A new memecoin emerged on @coinbase's new chain, BASE, built on Optimism.</p> 
  <p>It has since done a 100X in just a few hours, being one of the few coins that can be aped on BASE chain.</p> 
  <p>However, here comes the interesting part!</p> 
  <p>The coin itself seems to have… pic.twitter.com/2zdMRZjdsS</p> 
  <p>— MTS (@matrixthesun) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p1"><span class="s1">And that is not the only problem with the $BALD token. Given that it is built on a new chain, there is currently no way to bridge out any profits that are made on an investment. That is why a crypto investor and trader going by the name Lady of Crypto is warning investors not to rush to put their hard-earned money into this token only to lose it to “scammers and rug pullers.”</span></p> 
 <h3 class="p6" id="span-class-s1-related-news-span"><span class="s1">Related News</span></h3> 
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Meme Coin Mania Sends BALD Into Orbit – What’s Going On?

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