BALD Coin Plummets 98%: Traders Claim ‘Bald Rug Pull’ Scam
• Bald coin, a newly launched meme token, dropped nearly 98% within hours of launch due to alleged rug pull by its developers.
• Traders on X accused the project of being a scam and called it the “Bald Rug Pull”.
• On-chain data analysis platform Lookonchain noted that four wallets spent $0.534 ETH ($1000) to buy 50 million BALD tokens within 4 minutes of launch and then sold 37 million BALD tokens for 554 ETH tokens, or $1.04 million, resulting in profits of $1 million in a day.
What is Bald Coin?
Bald Coin is a newly launched memecoin that was trading on LeetSwap on June 29 at a price of 0.000002 ETH. It quickly rallied by 4.34 million percent within fifteen hours to trade at 0.0867 ETH on July 30 before dropping 97.5% within hours of launch due to possible rug pull by its developers.
The “Bald Rug Pull” Scam
Traders on X accused Bald Coin of being a scam and called it the “Bald Rug Pull” scam after its sudden price drop which resulted in losses for investors who had bought into the token at its all-time high earlier that day. Crypto investor Axel Bitblaze highlighted that the substantial liquidity of the BALD token suggested institutional backing and proposed that the project might either be a honeypot or a rug pull scam involving an influential whale with significant holding as well as Coinbase insiders including Brian Armstrong himself, the prominent figure behind Coinbase
Insider Trading Suspected
Axel Bitblaze raised suspicions about insider trading involving Coinbase as he noted that an influential whale with a significant holding of cbETH (Coinbase’s version of staked ETH) introduced the coin leading many to speculate involvement from insiders at Coinbase itself including Brian Armstrong himself . He also mentioned that there could have been some sort of honeypot or rug pull involved with this coin’s deployment which resulted in massive profits for certain individuals while leaving many others out in losses .
Analysis: On-Chain Data
An analysis done by an on-chain data analysis platform Lookonchain revealed that four addresses spent $0.534 ETH ($1000) to buy 50 million BALD tokens within 4 minutes of launch and then sold 37 million BALD tokens for 554 ETH tokens, or $1.04 million resulting in profit worth over 1 Million dollars made off this deal alone . This has further led people to suspect foul play involved here given how quickly these transactions were completed and how much money was made off these trades .
