Even though Coinbase’s layer 2 blockchain isn’t operational, a meme coin frenzy has started.
Crypto traders still flock to Coinbase’s layer 2 blockchain in hopes of making a fortune despite the lack of a two-way token bridge, a clumsy DEX, and a closed network.
Coinbase’s Base, built on OP Stack, launched its testnet in January and opened to builders in mid-July. Only a few Base DEXs went live, therefore traction was low.
The tides changed late Saturday. Crypto Twitter user @cheatcoiner appeared to first tweet about meme coin bald (BALD), funded by Coinbase staked ether (cbETH), on Base network, saying they bought 2% of the supply.
“Calls” are tweets by influencers pushing tokens to sell them to naïve followers at greater rates. Crypto traders speculated that Coinbase launched the token after using cbETH.
As trading interest grew, bald coins reached a $50 million market valuation in six hours. It reached $85 million capitalization late Sunday, earning @cheatcoiner $1.4 million from a $500 investment.
Price rose 4,000,000% from issuance to climax.
Bald market liquidity increased as the developer of bald tokens added additional ether to a liquidity pool that traded bald against ether. Monday’s volumes and liquidity exceeded $100 million.
@Cheatcoiner wasn’t the only lottery winner. Lookonchain reported Monday that four crypto wallet addresses sent 0.534 ether, or slightly over $1,000, to buy 50 million BALD within four minutes of the token’s release.
As trade volumes increased, these addresses—likely developer insider wallets—sold 37 million $BALD for 554 ether, making $1 million in a day.
How much of these gains leave Base is unknown. As of Monday, Base only supports one-way transfers from Ethereum.
