Available indications from Basescan seem to be pointing to Bald (BALD), a meme coin recently launched on Coinbase's Base, an Ethereum Layer 2, as a rug pull. This is because the token's deployer has, in recent hours, removed millions of dollars worth of liquidity.
A rug pull in the crypto industry is a type of scam where a development team hypes a project to attract investor funds and then sells or removes all of its liquidity.
Over the weekend someone created a memecoin called Bald on BASE (Coinbase’s ETH L2) that reached a $85mm mkt cap in 48 hours— Will Clemente (@WClementeIII) July 31, 2023
Just got rug pulled and dropped 85% almost instantly pic.twitter.com/5cAs4aAbuZ
Crypto analyst Will Clemente draws attention to the development in a tweet, saying the Bald meme coin created on BASE just got rug pulled and dropped 85% almost instantly.
"Over the weekend, someone created a memecoin called Bald on BASE (Coinbase's ETH L2) that reached a $85 million market cap in 48 hours. Just got rug pulled and dropped 85% almost instantly," Will Clemente tweeted.
Over the weekend, BALD went from zero to a market cap of $85 million, representing 40,000% growth in 48 hours.
Now all of these immense gains have been wiped out in an instant, as Bald now trades at $0. All of its data on the crypto ranking platform CoinMarketCap has been removed, which suggests that the project might have been a rug pull. The BALD/WETH trading pair on LeetSwap now goes for $0.
Bald (BALD) token raised some red flags that could have only been spotted by discerning individuals.
Among them were some stories about traders gaining millions of dollars by wagering small amounts. Cheatcoiner, a pseudonymous trader, for example, purportedly reaped nearly $1.5 million on a $500 investment.
Such tweets are informally known as "calls" and are primarily composed of influencers pushing up tokens only to dump them on unwitting followers at higher prices.
Also, earlier, Lookonchain reported that the deployer of BALD had added a total of 727 million BALD and 6,471 ETH worth $12.15 million in liquidity to Leetswap.