$BALD, a brand new meme coin built on Coinbase’s Ethereum layer-2 scaling solution Base, experienced a stunning crash earlier in Monday, after enjoying a similarly stunning rise over the weekend.
After hitting fresh all-time highs around $0.97 and a market cap of close to $100 million earlier in the day, $BALD suddenly fell 90% and was last trading under $0.20.
The crash was attributed to concerns that the meme coin had turned into a dreaded so-called “rug-pull”, with the token’s issuer thought to have made off with substantial decentralized exchange (DEX) liquidity.
$BALD reportedly held as much as $32 million worth of ether (ETH) in its DEX liquidity pool earlier on Monday.
However, crypto experts said that $BALD’s developers then proceeded to remove 7,000 ETH tokens.
Clearly, $BALD was a scam meme coin, designed to attract a swarm of retail investors after posting impressive early gains, only to them dump on them with a liquidity pull.
$BALD should serve as a lesson to meme coin investors about the risks involved in this market.
Never invest in a meme coin unless you have been able to scrutinize its contract using a platform like DEXTools.
That way you can ensure that a token’s developer hasn’t given themselves any unfair powers, such as the ability to mint more tokens, raise/change buy or sell taxes, freeze trade, limit trade, or blacklist any wallets.
Moreover, always look for meme coins with liquidity that has been locked, which DEXTools should also indicate.
Crypto Experts Say This Lesser Known Coin Will Be the Next to Pump 100x
While $BALD did end up as a rug pull, that doesn’t mean it didn’t make some of its earlier investors rich.
A meme coin investor who goes by the name of @cheatcoiner.eth appeared to turn an initial $500 investment into $1.4 million.
Meanwhile, as per @Lookonchain, four addresses turned 0.534 ETH to 554 ETH in one day.
Fervour amongst meme coin degens hunting for the next 100 or 1,000x investment opportunity is thus set to remain elevated.
And some crypto experts think they have found the next meme coin to pump – Hairy Token ($HAIRY).
$HAIRY is up a stunning 7,000% in the last 24 hours, as per DEXTools and currently has a market cap of over $700,000 with nearly 300 holders.
And meme coin degens can at least rest assured that this token isn’t a scam like $BALD was.
As can be verified on DEXTools, $HAIRY’s liquidity is locked, its contract is verified, it isn’t a honeypot, there are no buy or sell taxes and no unfair advantages for the contract developer, who has renounced the contract (meaning they no longer have any control over the project or token).
With its still small market cap and rug pull-proof contract, $HAIRY might be able to win over scorned $BALD investors and surpass the $100 million market cap that its rival secured.
