A succession of unfortunate developments has hit BALD meme coin aficionados as the once-shining (no pun intended) digital asset has experienced a staggering 96% drop in trading volume.
The root cause of this worrying situation stems from the withdrawal of more than 6,000 Ether in liquidity from the meme coin’s smart contracts, a move that has cast an ominous cloud over the asset’s prospects.
The removal of such a significant amount of liquidity had an immediate and profound impact, leading to an abrupt and sharp drop in the price of BALD.
Currently, the price of BALD stands at $0.01101692, according to CoinGecko Data. In the past 24 hours, BALD has experienced a significant price drop of 57.31%.
Explosive Rise and Suspicion Around KALE Coin
The BALD coin experienced an unprecedented increase in value within one day right after its launch. However, this meteoric rise was soon followed by a series of mind-boggling actions that cast a shadow of doubt over the legitimacy of the project.
The watchful eyes of the Onchain Intrigue Telegram Channel focused BALD’s wallet business (see image below) after a sudden withdrawal of liquidity. This subsequent investigation revealed a series of alarming indications commonly associated with a phenomenon known as “carpet pulling.”
Source: Onchain Intrigue Telegram Channel
In the complicated world of cryptocurrencies, carpet pulling constitutes a form of scam where a token’s creators or promoters disappear after raising investment, leaving participants high and dry with their money stolen.
Back pulls have earned a notorious reputation in cryptocurrency, particularly in decentralized finance (DeFi). These incidents occur when developers perform an elaborate ruse, projecting an image of authenticity around their project, only to quickly go under after liquidity is removed, leaving investors in the lurch.
Darkening clouds of skepticism
To add to the unease, there has been speculation recently about linking BALD coins to Alameda, a prominent quantitative cryptocurrency trading company. While these links have yet to be substantiated, the mere existence of such links threatens to deepen the ongoing crisis surrounding BALD.
Bitcoin holds at $29K on TradingView.com
This potential association also raises pertinent questions about community trust in analog projects, further reinforcing the sense of uncertainty shrouding the cryptocurrency landscape.
Related reading: Binance Coin (BNB) price rises for a 10% increase – here’s how
BALD seven-day price action: Source: Coingecko
Meanwhile, after the troubles that hit BALD, a new start is in sight. a new BALD token has been introduced; this time it is designed with locked liquidity. This step is intended to bring hope and confidence back to the project.
It shows that the people behind BALD are determined to set things right and regain the trust of those who believed in them.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Yahoo Finance