FOMO

BALD

Frenzy

Memecoin

Rise

<p><strong>The memecoin frenzy continues as crypto holders make millions betting on the latest memecoin, BALD.</strong></p> 
<h2 style="text-align: center;" id="base-testnet-s-quiet-start">Base Testnet’s Quiet Start</h2> 
<p>Memecoins have taken the Coinbase layer 2 blockchain by <a href="https://www.coindesk.com/markets/2023/07/31/trader-turns-500-to-million-dollar-fortune-with-bald-memecoin-on-coinbases-blockchain/" target="_blank" rel="noopener noreferrer nofollow">storm, despite the network not being officially live</a>. Traders are flocking to the platform in search of fortunes, undeterred by challenges like the lack of a two-way token bridge and a clunky DEX experience.<br> Base, developed by Coinbase on OP Stack, launched its testnet in January and opened to builders in mid-July. Initially, traction was limited, with only a few DEXs going live on Base.</p> 
<h2 style="text-align: center;" id="the-rise-of-bald-memecoin">The Rise of BALD Memecoin</h2> 
<p>Crypto Twitter user @cheatcoiner sparked a frenzy when they tweeted about memecoin “BALD,” funded by Coinbase staked ether (cbETH), on the Base network. Speculation arose that the token might be linked to someone at Coinbase. In just six hours, BALD tokens gained a market capitalization of $50 million, surging to $85 million the next day. @cheatcoiner made over $1.4 million from a mere $500 investment, experiencing a 4,000,000% price rise.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a href="https://twitter.com/search?q=%24BALD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BALD</a>, a <a href="https://twitter.com/hashtag/memecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#memecoin</a> built on @BuildOnBased, experienced an incredible 40,000%+ surge. 🐋</p> 
 <p>The Base chain currently enables one-way bridging from Ethereum through a specific contract address. <a href="https://t.co/u61p8kjZaC" rel="noopener noreferrer nofollow">pic.twitter.com/u61p8kjZaC</a></p> 
 <p>— BridgeOnBase (@beipoaltd) <a href="https://twitter.com/beipoaltd/status/1685696174471221248?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 30, 2023</a></p> 
</blockquote> 
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<h2 style="text-align: center;" id="liquidity-and-insider-trading">Liquidity and Insider Trading</h2> 
<p>The developer of BALD tokens added more ether to the liquidity pool, resulting in over $32 million in liquidity and $100 million in trading volumes. Insider wallets connected to the developer quickly bought and sold BALD tokens, netting $1 million in less than a day.</p> 
<h2 style="text-align: center;" id="caution-amidst-memecoin-frenzy">Caution Amidst Memecoin Frenzy</h2> 
<p>Other obscure tokens like BASED also saw staggering gains, but memecoins are known for their <a href="https://walletinvestor.com/magazinadmin/coco-and-big-eyes-coin-lead-in-the-memecoin-casino-craze/" target="_blank" rel="noopener noreferrer nofollow">wild price swings and potential for scams and rug pulls</a>. Professional traders and analysts cautioned against FOMO buying and treated these investments as speculative and risky.</p> 
<h2 style="text-align: center;" id="base-network-challenges">Base Network Challenges</h2> 
<p>Trading on Base remains technical, requiring users to send ETH to a Coinbase developer contract address and swap it on a specialized DEX like LeetSwap. Unfortunately, there’s currently no token bridge to move funds back to Ethereum.</p> 
<h2 style="text-align: center;" id="the-rise-of-memecoins-on-base">The Rise of Memecoins on Base</h2> 
<p>Despite Bitcoin and Ethereum’s lackluster price action, traders sought three-digit gains in memecoins on Base. The blockchain witnessed a surge in transactions with the launch of tokens like BALD, OPTISM, and BASED.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Memecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Memecoin</a> madness on <a href="https://twitter.com/hashtag/Base?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Base</a></p> 
 <p>From wild <a href="https://twitter.com/hashtag/shitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#shitcoin</a> surges to token rug pulls, it’s a rollercoaster 🎢</p> 
 <p>On July 30, <a href="https://twitter.com/search?q=%24BALD&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BALD</a> memecoin saw an insane 289,000% gain in just 14 hours📈</p> 
 <p>Has memecoin season started on <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a>‘s ETH Layer-2 Base? 👀<a href="https://twitter.com/hashtag/BALD?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BALD</a> <a href="https://t.co/9gDnMLeLwO" rel="noopener noreferrer nofollow">pic.twitter.com/9gDnMLeLwO</a></p> 
 <p>— LaCryptoLycus🐺 (@CryptoLycus) <a href="https://twitter.com/CryptoLycus/status/1685941406374973440?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 31, 2023</a></p> 
</blockquote> 
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<h2 id="conclusion">Conclusion</h2> 
<p>The Base network has become a hotbed for memecoin mania, attracting traders seeking significant gains in speculative tokens. While the allure of rapid wealth may be tempting, caution is advised due to the associated risks and potential scams in the memecoin space. As the Base network evolves, it remains to be seen how the trading landscape will develop.</p>

Trader Strikes It Rich With BALD Memecoin On Coinbase’s Blockchain

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