Trading Frenzy on Coinbase’s Layer 2 Blockchain Nets Massive Gains for Crypto Traders July 31, 2023 July 31, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 31, 2023 by Kelly Cromley

Trading Frenzy on Coinbase’s Layer 2 Blockchain Nets Massive Gains for Crypto Traders

coinbaseCrypto 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.

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.

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.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.