On July 30, a meme coin called BaldBaseBald (BALD) launched on Base Network, Coinbase’s new Layer 2 built on Optimism. The coin referenced Brian Armstrong, Coinbase’s “bald” founder, and quickly became a coordination point for speculators on the frontier chain. Within two days, the token had reached a market cap of $100 million, with over $25 million in liquidity. However, the token’s meteoric rise turned out to be a classic case of market manipulation, as the deployer behind the token, BaldBaseBald, rug pulled the token and caused its price to plummet by 85%. Malicious Market Behavior Behind BALD? Market researcher Thiccy indexed all the transactions from the Bald deployer and uncovered a story of malicious market behavior. BaldBaseBald added over 6,700 ETH, or over $12.5 million worth of liquidity, to the pool in the first 24 hours, a surprising amount of capital for a meme coin on a new chain. Related Reading: Breaking: HEX Token Plummets 25% Following SEC Lawsuit Against Founder Richard Heart The deployer’s actions were undoubtedly bullish for speculators, and many people speculated that Brian Armstrong had created the co ..
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