• Bald has in the past 48 hours surged by over 40,000 percent to move from almost $0 market cap to $50,000. 

• Coinbase CEO Brian Armstrong has been suspected to be involved in this project as analyst observes strange moves. 

Coinbase recently created a new blockchain called Base. According to reports, this initiative was done on Optimism, a technology that boasts of improved scalability solutions in Ethereum. Interestingly, the blockchain is making waves after one of the cryptos launched on it made an unprecedented surge in the last couple of days. According to market data, $BALD has made over a 40,000 percent surge in the last 48 hours. 

The recent run has significantly increased the investment portfolio of investors as some claim to have made almost 1000 percent Return on Investment (ROI). Some of these profits are estimated to be up to $400,000. pseudonym trader Cheatcoiner who reportedly invested $500 has made a profit of $1.5 million.

According to this user, he purchased 2 percent of the 1,000,000,000 token supply before the Market Cap hit around $50,000. In fact, its market cap moved from $0 to $50,000 in a single day. CoinGecko reports that the meme coin had more than 11,000 transactions in 24 hours and 4,300 holders. 

Some of the reasons for this surge have been linked to the hype surrounding Coinbase listings. While this has been a catalyst for price surges in the past, the launch over their chain is said to have a similar effect. The narratives behind the Base Network and how their assets can become meme coins are also said to be having an impact. 

Coinbase CEO Rumored to be Behind the Bald Meme Coins

Meme coins like Bald and PEPE are not demanded to have incredible fundamentals before they gain traction. All they need to do is tick some boxes and be compatible with Ethereum. According to a market analyst Matrixthesun, Bald has achieved a return of more than 100 times. Also, it is said to be different from the other meme coins due to its compatibility with Base.

Rumors have also emerged that the CEO of Coinbase, Brian Armstrong is involved in the Bald meme coin. According to the analyst, there is a pattern that points to a strong connection with a large supply of cbETH. This is Coinbase’s variant of staked Ethereum (ETH).

This raises concerns that there was probably an involvement of a Coinbase insider or the company’s CEO. The identity of this whale has not yet been identified. However, the possession of such large amounts of  $cbETH hints that the person is very close to the company. 

Another interesting discovery is that there has been a massive influx of $12 million in liquidity added to the Bald meme coin. The issue is that the liquidity injection came at the point when it is not possible to bridge out of the BASE chain. 

As the Base team has not provided an official mainnet bridge during the developer access phase, users utilize a portal proxy contract. Dune Analytics data has estimated that $48 million worth of Ether has been transferred to the network. 

Meme coins have gained popularity in the past couple of years due to their ability to stage unprecedented bullish runs within a few days of their launch. Over the years, the likes of Dogecoin and Shiba Inu have been working to add value to their network with the creation of real-world use cases. 

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