The developer behind the BALD meme coin has incinerated 600 million tokens, obliterating approximately 60% of its total supply.

This drastic action took place over a five-hour span, catapulting the meme coin’s value by a staggering 60% and sending ripples through the cryptocurrency market.

The BALD developer, notorious for executing a rug pull in August that saw 3,000 ETH withdrawn from the community, has reemerged with this significant token burn. Around 600 million BALD tokens, worth over $12 million, were destroyed, triggering a 59% price increase in less than 24 hours. BALD went from trading at $0.03489 to reaching a high of $0.05675.

This move has sparked debates within the crypto community regarding the developer’s intentions and the future trajectory of BALD.

“BALD deployer, who famously rug pulled on Base when it first launched, is moving again. Just burned millions of BALD. LP not locked, though. Rumored to be Milky Way and doxxed,” a crypto community member said.

Following the BALD token burn, meme coins on Coinbase’s Base network experienced notable increases in their value. TOSHI, MOCHI, SMUDCAT, DEGEN, and BRETT have all surged, with gains ranging from 8% to an eye-watering 154%.

Despite this uptick, these coins still trail behind the market caps of their counterparts on other networks.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Meme coins, known for their viral appeal and often community-driven initiatives, are unique in the crypto market. While they offer substantial profit opportunities, they also carry a high level of risk, reflected by the previous actions of the BALD developer.

The post BALD Meme Coin Burns 60% of Token Supply, Sparks Market Frenzy appeared first on BeInCrypto.

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