In a shocking turn of events, the developer behind the controversial meme coin BALD initiated a series of significant transactions, raising eyebrows within the cryptocurrency community. The events surrounding the deployer’s recent actions have left both the coin’s value and its reputation teetering on the edge.
BALD Deployers Send Funds To Kraken Exchange
Blockchain analysis platform Lookonchain has revealed that the deployer of the BALD token has executed audacious moves, bridging a staggering 7,000 ETH ($12.9 million) out of the Coinbase Layer 2 network, Base.
Of the 7,000 ETH that has been sent to the Ethereum network, the deployer sent 2,100 ETH ($3.87 million) in two different transactions to the Kraken crypto exchange, for purposes that can only be for selling.
Following this, the BALD deployer currently holds 4,902 ETH in their balance on the Ethereum blockchain, worth over $9 million at current prices. The wallet’s tokens holdings also remain significant, sitting at $1.115 million at the time of this writing.
The recent transactions have now dredged up speculations about who the BALD deployer might be. On-chain investigator ZachXBT previously lent his expertise to the investigations, with findings pointing toward an X (formerly Twitter) user who goes by the username @milkyway16eth due to a previous transaction between the deployer wallet and Milkyway’s wallet. However, there is yet to be any concrete proof if Milkyway is actually the brains behind the rug.
A Rollercoaster For Investors
The BALD meme coin started making the rounds on X (formerly Twitter) shortly after being launched on Base. The coin which was named after Coinbase’s CEO Brian Armstrong’s bald head rose rapidly, climbing more than 289,000% in less than two days.
This growth rate served as an attraction for investors, who bridged quickly to the ETH blockchain to invest in the token. It continued to rise, crossing a $70 million market amid the euphoria. However, this would end up being short-lived.
On August 1, the BALD deployer pulled liquidity from the token, making off with 10,705 ETH ($20 million at the time). The coin’s price declined rapidly after this, although the official X account for BALD continued to deny that it was a rug pull.
Although BALD continues to trade on the Base network, it has been unable to reclaim its past glory. Its price is down over 90% from its all-time high and recorded 18% losses in the last 24 hours alone, according to data from Coinmarketcap. Its daily trading volume is sitting at $503,000 and its market cap is $9.03 million.
Total market cap recovers to $1.154 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Publish0x, chart from Tradingview.com