BALD Meme Coins Tanks Over 90% After Developer Removes $25M In Liquidity: Blockchain Watchers Points To A 'SBF Or Alameda Person' Connection
Portfolio Pulse from Mehab Qureshi
The BALD meme coin, created to mock Coinbase CEO Brian Armstrong, experienced an 89.4% drop in value after the token's deployer removed $25.6 million in liquidity. This tactic, known as a 'rug pull', is common in the crypto world. Blockchain watchers have pointed to former FTX CEO Sam Bankman-Fried as a potential culprit. Bitcoin (CRYPTO: BTC) was trading at $28,923, down 1.41% in the last 24 hours.
August 01, 2023 | 5:52 am
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NEGATIVE IMPACT
Bitcoin's price has dropped by 1.41% in the last 24 hours, trading at $28,923.
The news of the BALD meme coin's 'rug pull' and the subsequent drop in its value could potentially impact investor confidence in the crypto market, leading to a decrease in Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 50