Memecoin mania hits Base: Obscure tokens skyrocket amid rug pulls and FOMO
Memecoin madness has arrived on Coinbase’s Ethereum layer-2 scaling solution Base, bringing with it everything from remarkable shitcoin surges to classic token rug pulls.
On July 30, memecoin traders were snapping up a suite of questionable tokens on Base, with one Brian Armstrong-themed memecoin dubbed “BALD” experiencing a 289,000% gain within the first 14 hours of trading.
This is despite the Bald token not having an official website or any discernable purpose, creator or utility.
According to data from blockchain analytics service Lookonchain, a small number of investors managed to score a 100,000% return on a relatively small initial investment.
Four separate wallet addresses swapped 0.5 Ether (ETH) — worth roughly $950 at the time — into BALD within the first four minutes of trading. Eight hours later, the wallet addresses swapped their BALD into ETH for a total of 554 ETH, which is worth more than $1 million at current prices.
These 4 addresses spent 0.534 $ETH($1K) to buy 50M $BALD (50% of the total supply) within 4 mins of $BALD starting trading.Then sold 37M $BALD for 554 $ETH($1.04M).Earned $1M with $1K in 1 day! pic.twitter.com/gXIDRjbhic
Another memecoin featuring the ticker BASED has also gone on an incredible rally, surging well over 1,000,000% in the last 20 hours.
At current, BASED commands a whopping $1.39 billion fully-diluted market cap, making it more valuable — at least on paper — than mainstay blockchain networks Aave (AAVE) and Optimism (OP).
However, as many investment professionals have stated in the past, memecoins are notorious for their massive swings in price and any investment in them should be treated as gambling adjacent.
The sudden influx of hundreds of new, un-backed tokens also brings with
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