In a jaw-dropping turn of events, a small investor became an overnight millionaire after investing $500 in the Memecoin BALD on Base, the Layer2 blockchain of Coinbase.
Within 24 hours, the value of the investment soared by an astonishing 300,000 percent, leaving the Twitter user cheatcoiner with $1.5 million in their account.
The Rise of Memecoin BALD
BALD, the first Memecoin on Coinbase’s Layer2 blockchain Base, has seen an explosive surge in its value. It is traded on decentralized exchanges like Uniswap, and its popularity has led to significant gains for early investors.
An Ode to Coinbase’s CEO
The name “BALD” is a clever play on words, referencing Coinbase’s CEO Brian Armstrong, who is bald. Memecoins are known for their humorous and often irreverent approach to cryptocurrency.
While the meteoric rise of BALD has captured attention and made a small investor wealthy, some observers are speculating that insider trading might be at play. The rapid and unprecedented surge in value has raised eyebrows, prompting questions about the coin’s true origins.
Enter Hairy – A New Memecoin
Coincidentally, a new Memecoin called Hairy has also emerged on Base. Rumors suggest that the same developers might be behind both coins. Hairy has already experienced a remarkable 1,000 percent increase in value, further fueling curiosity and speculation.
Cautionary Note: Price Crash and Scam Allegations
As with any high-risk investment, there are no guarantees, and the value of Memecoins can be highly volatile. On August 1, 2023, BALD’s price crashed by 90 percent, leading to suspicions of a possible scam. Some even speculate that Sam Bankman Fried, the founder of FTX, could be involved. Fried is currently facing fraud charges in the United States.
The story of BALD and its incredible overnight gains serves as a cautionary tale in the volatile world of cryptocurrency. While some investors struck gold, others faced significant losses. As the cryptocurrency landscape continues to evolve, it is crucial for investors to exercise caution and conduct thorough research before diving into such speculative ventures.