29 Meme Coins Besides BALD Rugged
According to data from July 31st, Base saw the launch of 29 meme coins over the weekend, all of which were created to take advantage of the recent excitement surrounding BALD, a meme coin inspired by Coinbase CEO Brian Armstrong. However, all 29 meme coins have since been abandoned by their creators, who made off with over $1 million after investing only $105,000 of ETH as liquidity. Base is an Ethereum layer-2 platform that uses Optimism roll-up technology.
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29 Meme Coins Besides BALD Rugged. Rug Pulls On Base
On July 29th and 30th, the meme coin BALD experienced a surge in price, increasing by as much as 4,000X and pushing its market cap over $100 million. While this was great news for early investors who profited from the rise, some builders took advantage of the hype and created fraudulent meme coins. As a result, some meme coin holders suffered losses. 29 Meme Coins Besides BALD Rugged.
It's worth noting that the address behind the 29 meme coins has a history of rug-pulling on other platforms such as the BNB Chain and Arbitrum, a popular Ethereum layer-2 platform. In decentralized trading platforms where meme coins are traded, community-provided liquidity is essential. Rug pullers typically provide liquidity to attract more users to buy the coin, which increases liquidity as prices rise. However, the creator then deliberately withdraws liquidity, causing token prices to plummet.
As of July 31st, the address primarily held USDC and a small portion of ETH in their portfolio, with no meme coins. This could indicate the rug puller's risk-averseness and concerns about the risks involved in this asset class.
Meme Coins Are Volatile
Meme coins are popular in crypto, especially Ethereum, where they are minted as fungible ERC-20 tokens in their trillions. Dogecoin, endorsed by Elon Musk, is the most liquid and widely recognized.
Despite rising popularity, there are concerns about their volatility and lack of utility, with some critics labeling them as “casinos” that undermine the true vision of crypto as an alternative financial system.
For example, the collapse of BALD, which commanded billions in market cap on Base over the weekend, has drawn widespread condemnation. Besides BALD, other like PEPE and LADYS are struggling, dropping by over 70% from their all-time peaks registered in H1 2023.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.