The originator of the viral “BALD” token has transferred approximately $12 million worth of Ethereum (ETH) back onto the Ethereum network. This action comes as a response to its significant 90% decline in value following a rapid surge to $80 million.
Furthermore, the creator has deposited about $3.87 million worth of Ethereum onto the Kraken crypto exchange. This marks the first occurrence of more funds leaving the token’s network than entering it, according to Dune Analytics.
“BALD” gained attention in August when a trader claimed to have turned $500 into hundreds of thousands, causing the token’s value to skyrocket by 4,000,000% in just a few days. However, the value plummeted dramatically as the creator removed substantial liquidity, triggering uncertainty and prompting investors to exit.
Previously, the creator had injected up to $35 million in Ether into a liquidity pool on the Leetswap exchange, creating the impression of strong support. Despite the sharp decline, they remained undeterred, asserting that the tokens under their control were within their management.
The sudden rise and subsequent collapse of the “BALD” token highlight the inherent volatility and risks within the cryptocurrency market. The creator’s actions reflect the challenges of maintaining stability in such speculative environments.
Also Read: BALD Memecoin Rugged, Developer’s Wallet Links to FTX & SBF
