The mysterious developer behind bald (BALD) yesterday transferred some $12 million in ether (ETH) back to the Ethereum network – weeks after crafting one of the quickest rises, and falls, in the crypto market. By shauryamalwa.
The meme coin plunged 90% in August, but not before some traders netted monumental gains from the token.
The transfer happened weeks after bald ran up to an $80 million capitalization before some actions causedData cited by analytics firm Lookonchain shows the bald token deployer bridged 7,000 ether from the Base network back to Ethereum on Sunday. Bridging refers to the transfer of tokens between different blockchains.
Bald seemed to have it all: Seemingly endless liquidity, a growing community, an influx of new traders and, among some circles, scant hopes of it becoming the next Shiba Inu . However, this euphoria lasted little beyond a few days. Bald prices fell as much as 90% after peaking after the token's deployer removed millions of dollars worth of liquidity – causing sentiment to quickly sour as traders rushed for the exits amid the uncertainty.
They also possibly made millions of dollars in fees from supplying ether against bald tokens, as well as from selling ether for bald when prices rose.
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