Crypto never sleeps. New blockchains are an opportunity for wild returns and some traders did just that.
An obscure cryptocurrency named $BALD has been making waves in the crypto world. The coin experienced an extraordinary run, growing by more than 40,000% within a mere 48 hours.
$BALD’s launch took place on BASE, a new blockchain developed by Coinbase, a popular crypto exchange. BASE has been constructed on Optimism, a technology known for its enhanced scalability solutions for Ethereum. One of the intriguing aspects of BASE is that it hosted the launch of $BALD, one of the few cryptocurrencies available on this chain.
Some investors in $BALD experienced tremendous returns, with certain individuals sharing stories of hitting nearly 1000x return on investments (ROI) and others making astonishingly large profits of up to $400,000 overnight. These wild gains seem to have emanated from a list of projects and memes that recently heated up on BASE.
Interestingly, $BALD is categorized as a memecoin, a type of digital currency that is often driven by social media trends and sentiment, rather than intrinsic value. Memecoins have gained notoriety in the crypto world, as they can lead to massive returns but also pose significant risk due to their high volatility.
Adding to the frenzied interest in $BALD, there have been discussions about the possibility of the coin reaching a market cap of $100 million. If achieved, this would represent a significant milestone for a coin on such a new blockchain.
However, right now there is no way to transfer these gains out of the Base blockchain to other chains like Ethereum. There is only a one-directional way to move funds over to Base which we explained in our Base blockchain bridge tutorial.
While $BALD’s rise has created enormous wealth for some investors, it also serves as a reminder of the volatile and unpredictable nature of the cryptocurrency market. Many were caught by surprise and missed the opportunity for these outsized returns, with some individuals expressing their regrets publicly.
Cryptocurrency investments, particularly in relatively unknown and highly volatile coins such as $BALD, carry significant risk. Therefore, while the tales of overnight riches can be enticing, potential investors should exercise due diligence and consider their risk tolerance before getting involved in such ventures.
As $BALD’s journey unfolds, the crypto community continues to watch with anticipation, wondering what surprises this new coin on an unbridged chain will bring next.
