Kryptodata

  • Market Cap: $1,092,332,731,598.38
  • 24h Vol: $35,953,502,849.18
  • BTC Dominance: 47.34%
Obscure Tokens Experience Soaring Surge in Base as Memecoin Craze Takes Over, Triggering Rug Pulls and FOMO

Obscure Tokens Experience Soaring Surge in Base as Memecoin Craze Takes Over, Triggering Rug Pulls and FOMO

– Memecoin traders on Coinbase’s Ethereum layer-2 scaling solution Base have been buying up obscure tokens such as Bald and Based.

– Despite questionable utility and lack of official websites or purpose, these tokens have seen staggering price gains.

– One memecoin called “BALD” experienced a 289,000% gain within the first 14 hours of trading.

– Another memecoin called “BASED” has surged over 1,000,000% in the last 20 hours, commanding a $1.39 billion fully-diluted market cap.

– However, memecoins are known for their volatility and potential for scams, rug pulls, and financial losses.

– One developer allegedly made off with investors’ ETH deposits, promising to return it after multiplying their funds.

– Some warn that the memecoin surge may already be over and advise against FOMO buying at this stage.

– Trading on Base remains technical, requiring investors to send ETH to a Coinbase developer contract address and swap it on a specialized decentralized exchange.

– Base users currently cannot bridge their tokens off the network until a token bridge is introduced by Base developers.

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