BALD Token Drops 90% After Developer Withdraws Liquidity Money

The newly-launched bald (BALD) tokens experienced a turbulent ride as prices plummeted by as much as 90% after reaching a peak on Monday.

The token’s deployer made a significant move by removing millions of dollars worth of liquidity, causing a sharp decline in value from 9 cents to 1 cent.

While some recovery was witnessed, with prices bouncing back to 4 cents at the time of writing, the incident left traders on the edge.

During the European morning hours on Monday, BALD tokens held an impressive $32 million worth of ether (ETH) in liquidity.

However, the mood quickly changed as the developer executed a substantial move, leading to a sharp price drop. Panic selling ensued, causing the value of the token to plummet.

Interestingly, the token had seen a meteoric rise in popularity among trading circles, resulting in a market capitalization of $50 million on Sunday.

By late Sunday, this figure had surged to $85 million, proving to be lucrative for some traders who managed to cash in on the trend.

Notably, one trader with an initial $500 investment reportedly made over $1.4 million from the BALD token’s swift surge.

Following the liquidity removal, the deployer appeared to add liquidity in smaller batches of ether, causing prices to gradually rise again.

However, the panic-induced selling continued to influence the token’s performance, making it a challenging time for investors and traders alike.