A new memecoin on Coinbase’s Base network fell 85% after its developer allegedly pulled 1,034 Ether in liquidity, worth approximately $1.9 million, from the market, according to social media reports and blockchain data. The developer for Bald (BALD) denied making any market sales of the coin, stating, “[I] just added/removed 2 sided liquidity and bought.”
Coinbase’s Base network was launched for builders on July 13. However, its development team has urged ordinary users not to use the network, as it lacks a functioning user interface (UI) for its bridge. The team plans to officially release the network to users in August, at which point a bridge UI will be made available.