The BALD meme coin has surged in value. Built on the Coinbase-incubated Base blockchain, BALD’s price has multiplied 30,000 times in the past 24 hours.
Brian Armstrong Rumors Drive Frenzy
A trading frenzy that began on Sunday, July 30, quickly propelled BALD to the attention of meme coin aficionados.
At the height of a pump on Sunday afternoon, the coin token’s price was approaching $0.085, with a market capitalization of around $85 million.
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Interestingly, the coin appears to have been deployed by a whale connected to a large supply of cbETH, the Coinbase variant of staked ETH.
Based on this fact and Base’s association with Coinbase, speculation is that it was created by someone associated with the company. Rumors that Coinbase CEO Brian Armstrong might be behind the coin further fueled the mysterious token’s fire.
BALD arrived on Uniswap unannounced on Saturday. It has no website or social media presence, and its origins remain a mystery.
Base Chain TVL Balloons
An Ethereum Layer 2 solution, the Base chain itself, is still under development. Nonetheless, with interest in the BALD meme coin, the total value locked (TVL) on Base spiked over the weekend.
At the time of writing, BASE’s TVL was approaching $50 million from less than two million USD on Saturday.
Read more: Layer 1 vs. Layer 2: What Is the Difference?
At present, it isn’t possible to bridge assets out of the Base chain. Still, with liquidity on the rise, it seems likely that more tokens will appear on the chain.
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