In a surprising turn of events, the enigmatic mind behind the viral sensation token BALD has made a significant move in cryptocurrencies. The developer, shrouded in mystery, recently transferred a whopping $12 million in ether (ETH) back to the Ethereum network, marking a significant shift in the landscape of this captivating digital asset.
Analytics firm Lookonchain shed light on the situation, revealing that the individual or group behind the BALD token bridged approximately 7,000 ether, equivalent to $12.9 million, from the Base to the Ethereum network. This maneuver, known as “bridging,” involves the movement of tokens between different blockchain networks. Subsequently, a deposit of 2,100 ether, valued at $3.87 million based on current market prices, was made to the renowned cryptocurrency exchange Kraken.
Bald Deployer has successfully bridged 7,000 $ETH ($12.9M) from the #Base network back to #Ethereum and deposited 2,100 $ETH($3.87M) to #Kraken.
— Lookonchain (@lookonchain) August 14, 2023
There are currently 2,000 $ETH ($3.7M) in bridging and 2,237 $ETH ($4.13M) in the #Base network.https://t.co/mtko220gTR pic.twitter.com/BdB5QIob0s
A notable aspect of this transfer is that it marked the first instance of more funds flowing out of the Base network compared to what was bridged in. A query conducted by Dune Analytics confirmed this intriguing development.
The meteoric rise of the BALD token occurred in early August, when Base, a blockchain platform developed by Coinbase, was not yet open to the public. A single viral post showcasing a trader’s astonishing transformation of $500 into a fortune catalyzed the BALD token’s value to surge by a mind-boggling 4,000,000% within days. This meteoric ascent attracted over $66 million in ether as traders eagerly sought to capitalize on the token’s exceptional growth, even amidst an otherwise stagnant market.
In the crypto realm, there was a distinct sense of positive anticipation surrounding BALD, as its liquidity seemed boundless and a lively community rallied behind it, attracting fresh traders. Optimistic visions even saw BALD potentially emulating the success of renowned tokens like Shiba Inu (SHIB). However, this excitement was fleeting, as the token’s valuation dropped significantly by up to 90%. The trigger for this abrupt decline was the removal of substantial liquidity by the token’s developer, triggering trader panic and prompting a hurried exit from the market.
