In a stunning turn of events, the newly-launched bald (BALD) tokens on the Base blockchain experienced a sharp decline of up to 90% shortly after reaching their peak on Monday.
The token, which garnered significant attention and excitement among trading circles, suffered a major setback as the token’s deployer removed millions of dollars worth of liquidity.
This liquidity pullout triggered a drastic price plunge, causing BALD token prices to plummet from 9 cents to 1 cent. However, some traders capitalized on the dip, leading to a partial recovery to 4 cents at the time of writing.
During European morning hours on Monday, BALD tokens held an impressive $32 million worth of ether (ETH). The token’s surging popularity fueled its meteoric rise in market capitalization, reaching a staggering $50 million.
Late on Sunday, the market capitalization soared further to $85 million, with traders like @cheatcoiner raking in extraordinary gains of over $1.4 million from a mere $500 initial investment.
Unfortunately, the excitement surrounding BALD tokens took a dramatic turn as the token’s deployer initiated a liquidity withdrawal.
The developer moved millions of dollars worth of liquidity, leading to an alarming price drop from 9 cents to 1 cent. The sudden liquidity removal sent shockwaves across the crypto market, resulting in panic selling by holders.
Despite the initial crash, some traders saw an opportunity in the lower prices and decided to buy the dip. As a result, the BALD token prices showed a partial recovery, reaching 4 cents at the time of writing.
However, uncertainty still looms as the deployer continues to add liquidity in smaller batches of ether. This ongoing liquidity adjustment may further impact the token’s price dynamics and investor sentiment.