{"id":545256,"date":"2023-07-31T22:06:05","date_gmt":"2023-07-31T22:06:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=545256"},"modified":"2023-07-31T22:06:05","modified_gmt":"2023-07-31T22:06:05","slug":"29-meme-coins-bald-rugged-base-investors-lose-millions","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/29-meme-coins-bald-rugged-base-investors-lose-millions\/","title":{"rendered":"29 Other Meme Coins Besides BALD Rugged on Base"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Scope\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/0xScopescan\/status\/42359552?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on July 31 shows that 29 meme coins were launched over the weekend on Base to capitalize on the recent frenzy surrounding BaldBaseBald (BALD), a meme coin inspired by Coinbase CEO Brian Armstrong. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, all 29 meme coins have since been rugged, with the deployer exiting with over $1 million after seeding roughly $105,000 of ETH as liquidity. Base is an Ethereum layer-2 platform based on Optimism roll-up technology.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Rug Pulls On Base<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">On July 29 and 30, there was excitement about the meme coin, BALD, as its prices exploded by as much as 4,000X, pushing the token&#8217;s market cap to over $100 million. This was great news for those who invested early as some exited as the wave rise, profiting. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Some builders took advantage of the hype and created meme coins to deceive investors eager to join the BALD trend, eventually resulting in losses for some meme coin token holders.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bald-coin-rug-pull-how-a-100-million-memecoin-became-worthless-overnight\/\" target=\"_blank\" rel=\"noopener \">BALD Coin Rug Pull: How A $100 Million Memecoin Became Worthless Overnight<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">While BALD has\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ktsl888.com\/news\/bald-coin-rug-pull-how-a-100-million-memecoin-became-worthless-overnight\/\" target=\"_blank\" rel=\"noopener \"><span data-preserver-spaces=\"true\">already<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0been rug-pulled, Scope notes that the address behind the 29 meme coins also has a history of rug-pulling in other platforms, including the BNB Chain and Arbitrum, a popular Ethereum layer-2 platform. In platforms where meme coins are traded, liquidity, provided by the community, is essential due to the decentralized nature of trading.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Rug pullers typically supply liquidity to their meme coins, which attracts more users to buy the coin and increases liquidity as prices rise. However, the creator then deliberately withdraws liquidity at this point, converting their meme coins to a more liquid coin like Ethereum, causing their token prices to drop to zero.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of July 31, hours after the rug pull, the address primarily\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/scopescan.ai\/address\/0xf01e51504a9f5020f6f46cc0bc76c1d2efb40ec0?network=arb\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">held<\/span><\/a><span data-preserver-spaces=\"true\"> USDC and a small portion of ETH in their portfolio, with no meme coins. This potentially highlights the rug puller&#8217;s risk-averseness and his concerns about the risks involved in this asset class.<br \/>\n<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crucial-moment-will-resistance-at-29500-trigger-a-sell-off-or-surge\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Crucial Moment: Will Resistance At $29,500 Trigger A Sell-Off Or Surge?<\/a><\/p>\n<h2><span data-preserver-spaces=\"true\">Meme Coins Are Volatile<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Meme coins are popular in crypto, especially Ethereum, where they are minted as fungible ERC-20 tokens in their trillions. Dogecoin, endorsed by Elon Musk, is the most liquid and widely recognized. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite rising popularity, there are concerns about their volatility and lack of utility, with some critics labeling them as &#8220;casinos&#8221; that undermine the true vision of crypto as an alternative financial system.<\/span><\/p>\n<figure style=\"width: 1226px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/Sl9wpPMk\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/Sl9wpPMk\/\" alt=\"Dogecoin price on July 31 as 29 meme coins rugged on Base| Source: DOGEUSDT on Binance, TradingView\" width=\"1226\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Dogecoin price on July 31| Source: <a href=\"https:\/\/www.tradingview.com\/x\/Sl9wpPMk\/\" target=\"_blank\" rel=\"noopener nofollow\">DOGEUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">For example, the collapse of BALD, which commanded billions in market cap on Base over the weekend, has drawn widespread condemnation. Besides BALD, other like PEPE and LADYS are struggling, dropping by over 70% from their all-time peaks registered in H1 2023.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Scope\u00a0data\u00a0on July 31 shows that 29 meme coins were launched over the weekend on Base to capitalize on the recent frenzy surrounding BaldBaseBald (BALD), a meme coin inspired by Coinbase CEO Brian Armstrong. However, all 29 meme coins have since been rugged, with the deployer exiting with over $1 million after seeding roughly $105,000 of ETH as liquidity. Base is an Ethereum layer-2 platform based on Optimism roll-up technology.\u00a0 Rug Pulls On Base On July 29 and 30, there was excitement about the meme coin, BALD, as its prices exploded by as much as 4,000X, pushing the token&#8217;s market cap to over $100 million. This was great news for those who invested early as some exited as the wave rise, profiting. Some builders took advantage of the hype and created meme coins to deceive investors eager to join the BALD trend, eventually resulting in losses for some meme coin token holders. Related Reading: BALD Coin Rug Pull: How A $100 Million Memecoin Became Worthless Overnight While BALD has\u00a0already\u00a0been rug-pulled, Scope notes that the address behind the 29 meme coins also has a history of rug-pulling in other platforms, including the BNB Chain and Arbitrum, a popular Ethereum layer-2 platform. In platforms where meme coins are traded, liquidity, provided by the community, is essential due to the decentralized nature of trading.\u00a0 Rug pullers typically supply liquidity to their meme coins, which attracts more users to buy the coin and increases liquidity as prices rise. However, the creator then deliberately withdraws liquidity at this point, converting their meme coins to a more liquid coin like Ethereum, causing their token prices to drop to zero. As of July 31, hours after the rug pull, the address primarily\u00a0held USDC and a small portion of ETH in their portfolio, with no meme coins. This potentially highlights the rug puller&#8217;s risk-averseness and his concerns about the risks involved in this asset class. Related Reading: Bitcoin Crucial Moment: Will Resistance At $29,500 Trigger A Sell-Off Or Surge? Meme Coins Are Volatile Meme coins are popular in crypto, especially Ethereum, where they are minted as fungible ERC-20 tokens in their trillions. Dogecoin, endorsed by Elon Musk, is the most liquid and widely recognized. Despite rising popularity, there are concerns about their volatility and lack of utility, with some critics labeling them as &#8220;casinos&#8221; that undermine the true vision of crypto as an alternative financial system. For example, the collapse of BALD, which commanded billions in market cap on Base over the weekend, has drawn widespread condemnation. Besides BALD, other like PEPE and LADYS are struggling, dropping by over 70% from their all-time peaks registered in H1 2023. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":545257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84309,88746,87903,1946,88255,83767,88145],"class_list":["post-545256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arbitrum","tag-bald","tag-base","tag-ethereum","tag-ladys","tag-meme-coins","tag-pepe"],"acf":[],"yoast_head":"\n<title>29 Other Meme Coins Besides BALD Rugged on Base<\/title>\n<meta name=\"description\" content=\"29 meme coins besides BALD were created on Base. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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