- The #developer behind the #BALD token, which briefly reached an $80 million market cap before plummeting 90%, has transferred around $12 million in Ether (ETH) back to Ethereum.
- The move occurred after BALD's rapid rise and fall in value, capturing attention in the crypto community.
- Analytics firm Lookonchain reported that the BALD token deployer bridged 7,000 #Ether ($12.9M) from the Base network back to Ethereum and deposited 2,100 Ether ($3.87 million) into Kraken.
- This is the first instance where more money has been sent out of the Base #network than bridged in.
- BALD's initial surge was due to a viral post showcasing a trader turning $500 into hundreds of thousands, causing the token's value to skyrocket by 4,000,000% in days.
- The surge attracted over $66 million in Ether to the ecosystem, with traders seeking gains in a flat market.
- However, the token's value #plummeted 90% as the developer removed liquidity worth millions of dollars.
- The developer's actions indicate a lack of concern, and the token has no roadmap or fundamental value.
- Traders and investors are advised to exercise caution with the BALD token due to its unpredictable nature and lack of future direction.
