The lack of a two-way token bridge, a clunky decentralized exchange experience, and a network being closed to the public have not deterred crypto traders from finding their way to Coinbase’s layer 2 blockchain in the hopes of unearthing a fortune.
The tides shifted late on Saturday. Crypto Twitter user @cheatcoiner seemed to first tweet about meme coin bald – funded by coinbase staked ether – on Base network, stating they picked up 2% of the supply. What followed was a bull market speedrun: In less than six hours, bald tokens amassed a $50 million market capitalization as their popularity picked up among trading circles. It ran up to $85 million capitalization late on Sunday - netting @cheatcoiner over $1.4 million from an initial $500 investment.BALD market liquidity quickly piled on as the developer of bald tokens kept adding more ether to a liquidity pool that traded bald against ether.