In a move that has lit the crypto market ablaze, the developer of the BALD meme coin wiped out 600 million tokens, constituting roughly 60% of its absolute supply.
This radical action was undertaken in a span of five hours and had an explosive effect boosting the meme coin’s worth by a hefty 60%, generating significant buzz in the cryptocurrency sphere. The developer is known for provoking a market frenzy in August with a controversial “rug pull” strategy that led to the depletion of 3,000 Ethereum (ETH) from the community.
This latest move involved the destruction of around 600 million BALD tokens – equating to over $12 million in value – and elicited a 59% price surge within a day. Pre-burn, BALD was trading at $0.03489 and post-burn, it peaked at $0.05675.
The developer’s bold moves have led to speculation and debate within the crypto community about both the developer’s motives and what the future holds for BALD.
The token burn had a ripple effect on meme coins connected with Coinbase’s Base network, all experiencing appreciable value increases. Coins such as TOSHI, MOCHI, SMUDCAT, DEGEN and BRETT reported gains between 8% and a staggering 154%.
Nonetheless, despite this sudden surge, these coins continue to lag behind their equivalents on different networks in terms of market caps. As thrilling as they can be, meme coins like BALD signal a high-risk, high-reward dynamic, reiterated by the developer’s past strategies.