Base meme coin BALD plummeted by over 80%, analyzing meme coins "doing big things" as scams that lure people into get-rich-quick traps.

Twitter KOL @thiccythot_ documented the meme coin BALD Rugpull on Coinbase L2 Base, where the meme coin creator provided liquidity causing the price to skyrocket, then led investors into an investment trap step by step, and finally pulled out liquidity and left. How did all of this unfold?

Recap: The meme coin frenzy on Coinbase's public chain Base, with meme coin BALD surging over thirty times in a single day.

"I Only Do Big Things Big" BALD High Liquidity Builds Confidence

BALD was launched on the Base chain on July 30. Due to BALD's Chinese meaning of "bald head," it is reminiscent of Coinbase CEO Brian Armstrong, leading speculators to believe that BALD could possibly be the official token to be announced by Coinbase in the future.

Twitter influencer @thiccythot_ believes that BALD has garnered the attention of speculators on this emerging chain because of its deep liquidity, with its market value reaching $100 million within just 2 days, with liquidity exceeding $25 million.

Twitter influencer @thiccythot_ mentioned that the token creator continuously added liquidity during the initial surge. Within the first 24 hours, @BaldBaseBald added over 6,700 ETH, or liquidity worth over $12.5 million. This capital investment is relatively high for a newly emerged meme coin, signaling bullish sentiment among speculators.

BALD Pulls Liquidity, Nets $5.2 Million

Twitter influencer @thiccythot_ stated that once the token creator stopped adding liquidity, the price began to stagnate and decline. However, after 24 hours, the creator began to buy BALD again, causing the price to double. Subsequently, the creator withdrew over 10,500 ETH, approximately $20 million in liquidity. As shown in the image below:

@thiccythot_ believes that considering the timing of purchases and liquidity withdrawals, this appears to be malicious behavior.

How Much Did BALD Creator Profit?

@thiccythot_ calculated that the BALD creator added 6,870 ETH, spent 1,360 ETH at an average price of 0.0004 to buy BALD, and pulled out 10,704 ETH in liquidity. The net profit reached 2,789 ETH or $5.2 million. As of the deadline, the remaining liquidity has been withdrawn, resulting in a total profit of 3,163 ETH or $5.9 million.

Evaluation: Market Manipulation Even on Compliant Chain Coinbase

@thiccythot_ believes that the BALD creator not only has substantial capital but also astonishingly engaged in blatant market manipulation on Coinbase's compliant chain. Observers should remember the risks of participating in these games. Such malicious behavior occurs frequently, and people should not take unwarranted risks.

Considering the call to remain calm just 2 hours before, this behavior is quite despicable.

With that, the story of $BALD comes to an end.

Foolish games, foolish rewards.

Hopefully, we can learn something from this as part of this industry.

This market is filled with market manipulation and unethical marketing tactics; be cautious about who you trust.