• Bald Network developer transferred $12.9M worth of ETH back to the Ethereum network.
• Bald token saw a rapid growth, reaching a market capitalization of $80 million before the price dropped by 90%.
• The deployer had previously contributed up to $35 million worth of ether to a liquidity pool on the Base network-based exchange Leetswap.

Bald Network Developer Sends 7,000 ETH To Ethereum

A developer from Bald Network recently sent 7,000 ETH (worth about $12.9M) back to the Ethereum network and deposited 2,100 ETH (worth $3.87M at current prices) on Kraken exchange.

Rapid Growth Of Bald Token

Bald token saw a rapid increase in popularity in early August when Base wasn’t even open to the public yet and reached a market capitalization of $80 million before its price dropped by 90%.

The Source Of Popularity

The source of its popularity came from a tweet about someone who turned their investment of $500 into hundreds of thousands of dollars which caused investors to flock in search for profits from an otherwise stagnant crypto market.

Removal Of Liquidity Causes Price Drop

However, this euphoria didn’t last long as its creator removed millions of dollars worth of liquidity which quickly affected sentiment as investors moved to withdraw their funds from the project causing a massive price drop.

Previous Contributions To Liquidity Pool

The deployer had previously contributed up to $35 million worthof ether to a liquidity pool on the Base network-based exchange Leetswap prior to this incident.