The meme token recorded astounding gains in 24 hours, reaching a market cap of $70 million.
BALD, the newly-launched meme coin that went live on Base, a layer-2 chain created by Coinbase on Ethereum, skyrocketed within hours of its launch to jump to a market cap of $70 million.
While the current price of Bald is $0.06, up by about 70% in the past 24 hours, the meme coin’s astounding gains after its launch took the crypto trading world by storm with a 40,000% jump.
Currently, data from CoinGecko shows over $66.7 million worth of BALD have been traded in the past 24 hours, while the transaction count has reached more than 14,000. BALD is listed on the DEX platform LeetSwap and trades in the BALD/WETH pair.
Wu Blockchain reported.
Memecoin BALD based on the Base network has increased by as much as 30,000x in the past 24 hours, and its market value has exceeded 70 million US dollars. At present, there are about 25,000 ETH deposited on the Base chain, of which LeetSwap BALD/WETH has more than 9,800 WETH…
— Wu Blockchain (@WuBlockchain) July 30, 2023
According to blockchain sleuth Lookonchain, BALD’s meteoric rise saw some savvy investors make huge returns. One such case involves four addresses that used 0.534 ETH (roughly $1k) to purchase 50 million BALD. The transactions occurred within minutes of Bald’s launch and accounted for 50% of the total supply.
Per Lookonchain, the addresses then quickly sold 37 million BALD to make an outsized return of 554 ETH, or over $1.04 million.
This guy spent 500 $ETH($937K) to buy 13.6M $BALD 5 hrs ago, becoming the largest holder besides the developer.
This guy is a $PEPE whale, he sold 720.8B $PEPE for 501.5 $ETH($943K) and then used the $ETH to buy $BALD.
This guy currently holds 3.72T $PEPE ($4.92M). pic.twitter.com/UITgp98Ca5
— Lookonchain (@lookonchain) July 30, 2023
On-chain data also shows PEPE whale has bought 13.6 million BALD worth $937k – after they sold 720.8 billion PEPE for about $943k. The address is currently the largest holder of the token other than BALD’s developer.