Explained: BALD Meme Coin Leaves Dogecoin, Shiba Inu In The Dust With 30,000% Gains
Portfolio Pulse from Mehab Qureshi
BALD, a meme coin launched on Coinbase's Base Network, has seen a 30,000% growth in market capitalization within a day of its launch, outperforming Dogecoin and Shiba Inu. The coin, which lacks a website and social media presence, made its debut on Uniswap. The driving factor behind these projects is the narrative and how their tokens can evolve into meme coins, not necessarily their technology or fundamentals.
July 31, 2023 | 6:15 am
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NEGATIVE IMPACT
Dogecoin saw a dip in value as BALD outperformed it.
The rise of BALD and its outperformance of Dogecoin could potentially lead to a decrease in Dogecoin's value as investors may shift their focus to the new coin.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Shiba Inu saw a dip in value as BALD outperformed it.
The rise of BALD and its outperformance of Shiba Inu could potentially lead to a decrease in Shiba Inu's value as investors may shift their focus to the new coin.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Pepe Coin, another meme coin, has also captured headlines recently.
The mention of Pepe Coin in the context of the success of BALD could potentially increase interest in Pepe Coin, but it's unclear how this will affect its value.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Coinbase's Base Network launched BALD, which saw a significant increase in market capitalization.
The launch of BALD on Coinbase's Base Network and its subsequent performance could potentially attract more users to Coinbase's platform, potentially boosting its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
BALD, launched on a layer two chain built on Ethereum, saw significant growth.
The launch of BALD on a chain built on Ethereum and its subsequent performance could potentially boost Ethereum's value as it shows the potential of Ethereum-based projects.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70