Trading Frenzy on Coinbase’s Layer 2 Blockchain Nets Massive Gains for Crypto Traders
Crypto traders are flocking to Coinbase’s layer 2 blockchain, Base, despite its limitations, in search of potential fortunes. Base, launched on OP Stack by Coinbase, had initially seen limited traction with only a few DEXs going live. However, a sudden surge in popularity occurred when a meme coin called “bald” (BALD), funded by coinbase staked ether (cbETH), gained attention on Crypto Twitter.
The tweets about BALD tokens, colloquially known as “calls,” sparked speculative discussions among crypto trading circles about the potential involvement of someone at Coinbase in creating the token. Within hours, the market capitalization of BALD tokens skyrocketed from $0 to $50 million and reached $85 million the following day. This surge translated into substantial gains for the Crypto Twitter user @cheatcoiner, who made over $1.4 million from an initial investment of $500.
Bought 2% under 50k mcap.
— cheatcoiner.eth (@cheatcoiner) July 29, 2023
As trading volumes increased, the liquidity of the BALD market also grew significantly, with the developer adding more ether to the liquidity pool. Not only @Cheatcoiner, but several other wallet addresses, likely associated with the developer, also made substantial gains from the token’s issuance.
and people legitimately ask us why we’re in this space sometimes pic.twitter.com/VcbW9IP9pp
— Prince of PulseChain | Manifesting | Gh0Stly (@DextMoon) July 30, 2023
Earned $1M with $1K in 1 day! pic.twitter.com/gXIDRjbhic
— Lookonchain (@lookonchain) July 30, 2023
While the trading frenzy continues, the one-directional token bridge and limited official support for fund transfers between Base and Ethereum pose challenges for traders looking to capitalize on the trend.