Bald Token Creator Cashes Out $12M In ETH After Price Collapse
Portfolio Pulse from Murtuza Merchant
The anonymous creator of the Bald token has moved approximately $12 million in Ether back to the Ethereum blockchain from the Base network. The developer also deposited 2,100 Ether into the Kraken cryptocurrency exchange. This is the first instance where more funds were moved out of the Base network than were introduced. The token's value had surged by 4,000,000% in just a few days but plummeted by 90% after the developer withdrew a significant amount of liquidity.
August 14, 2023 | 3:05 pm
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NEUTRAL IMPACT
The creator of the Bald token moved a significant amount of Ether, which could potentially impact the price of Ether.
The movement of a large amount of Ether by a single entity can cause price fluctuations. However, the overall impact on Ether's price will depend on other market factors.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The Base network, developed by Coinbase, was used by the Bald token creator to move Ether. This could potentially impact Coinbase's reputation and stock price.
The use of Coinbase's Base network for such a significant transaction could raise questions about the platform's security and reliability, potentially impacting Coinbase's stock price.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The Bald token was speculated to rival the success of Shiba Inu. However, the drastic drop in the Bald token's value could impact investor sentiment towards similar tokens like Shiba Inu.
The drastic drop in the Bald token's value could cause investors to be more cautious about investing in similar tokens like Shiba Inu, potentially impacting its price.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 50