– Memecoin traders on Coinbase’s Ethereum layer-2 scaling solution Base have been buying up obscure tokens like BALD and BASED.
– BALD experienced a 289,000% gain within the first 14 hours of trading, despite having no official website or discernable purpose.
– Four wallet addresses managed to turn a 0.5 ETH investment into 554 ETH within eight hours of trading.
– BASED has surged over 1,000,000% in the last 20 hours and currently has a $1.39 billion market cap.
– Memecoins are known for their price volatility and potential for scams and rug pulls.
– One developer reportedly took investors’ ETH and promised to return it after multiplying their funds.
– Some experts believe the memecoin surge may already be over and caution against FOMO buying.
– Trading on Base requires sending ETH to a Coinbase developer contract address and swapping it for tokens on a decentralized exchange.
– Base users are currently unable to bridge their tokens off the network until a token bridge is introduced.
