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- 1 The meme coin backed by the Coinbase exchange removed all liquidity.
- 2 Analysts point out its association with Sam Bankman-Fried and investments made into the coin’s wallet.
- 3 Along with these reasons, the market participants are also predicting the future of BALD.
When there’s trade, there’s uncertainty. These variables take a toll on the price of the assets market participants hold. The same happened to L2 Base’s BALD meme coin. It was a token that became quite popular right after its launch. While the holders are still processing the news, the analysts have started to find the reasons.
Some of them are blaming the former FTX CEO Sam Bankman-Fried behind it all. According to their theory, FTX’s association with BALD has caused this fall. They have a pretty good reason behind their statement. Reportedly, FTX and Alameda made some deposits into the BALD developer wallet.
The invested amount comes to $22 Million or 12,331 ETH. Cinneamhain Ventures partner Adam Cochran posted a tweet regarding this development. He said that Bankman-Fried’s hearing and bail dates coincide with the on-chain activity. He also pointed out that the same wallet was used to participate in the SushiSwap community. Notably, many crypto users think that someone close to Bankman-Fried owns the wallet.
A Peep into BALD Memecoin
Memecoins were introduced as a medium of fun and they still continue the same disposition. The developers of BALD initiated this coin to make fun of Coinbase CEO Brian Armstrong’s lack of hair. Soon after its launch, its price shot up by 3,000% in a day. A blockchain-driven Telegram channel Onchain Intrigue tracked the wallet once the liquidity dropped.
The Base is an Ethereum Layer 2 (L2) chain developed on the OP stack. It offers an affordable and safe network that leverages the network. It comes with better functionality and gives better scope of operations as well. The following are its noteworthy highlights:
Open Source: The base works on an open-source mechanism. Its motto is to be a permissionless and decentralized network giving way to a reliable ecosystem. The core development team joined OP stack and became a part of the growing community.
Feature-Loaded & Cheap: Equipped with full EVM compatibility, the network does a great job of being cost-effective. It offers glassless transactions along with multichain applications. It works easily with dApps and paves the way for new possibilities.
Endorsed by Coinbase: Base has access to one of the top crypto exchanges Coinbase’s tools, products, and users. This association helps the coin perform seamless integrations of other programs.
Backed by Ethereum: Base enjoys the scalability and security offered by the Ethereum network. It leverages the fundamental aspects of Ethereum and brings confidentiality. The ETH enables the meme coin to work with interoperable chains.
Layer 2 Network: In a Nutshell
Ethereum is an underlying blockchain protocol that underpins a Layer-2 network. It deploys the mainnet (Layer 1) network and doles out a number of benefits to the users:
- -Lowered gas fees
- -Raised transaction speeds
- -Better scalability
- -Robust security measures
The Future Course for BALD
Coinbase launched Base as an initiative to foray into the burgeoning meme coin space. It also empowered the project with cutting-edge technology and innovative crypto products. The price fall might be a setback for investors but it may soon recover. The investors are quite positive that BALD’s price will rally shortly.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
