• Bald Network developer sent 7,000 ETH to Ethereum and deposited some on Kraken.
• The token experienced a rapid growth before its mysterious creator removed millions of dollars worth of liquidity causing the price to plummet.
• Data from Lookonchain revealed that the first time more funds were sent out of the Base Network than deposited was when 2,100 ether, worth $3.87 million at current prices, was deposited to crypto exchange Kraken.
Bald Network Developer Sends 7,000 ETH to Ethereum
A Bald Network developer recently transferred ether worth 12.9 million back to the Ethereum network after an issue with the token’s price. The developer then proceeded to deposit 2,100 ether (worth about $3.87 million) onto crypto exchange Kraken.
Rapid Growth Experienced Before Price Plummet
Prior to this transfer, Bald had reached a market capitalization of $80 million as a result of weeks of rapid growth due to a tweet that caused it’s value to soar 4,000,000%. This sudden increase in value saw almost $66 million in ether (ETH) flow into the project from investors hoping for major profits from otherwise stagnant markets.
Deployer Removes Liquidity
However, this high was short-lived and soon after reaching its peak value of 0.02795 per token Bald’s deployer removed millions of dollars worth of liquidity which caused sentiment amongst investors to decline rapidly leading them to withdraw their funds from the project causing its price to drop by 90%.
Data From Lookonchain Reveals Transfer Details
Data published by analytics company Lookonchain revealed that this transfer marks the first time more funds were sent out of the Base Network than deposited with 2,100 ether being deposited onto crypto exchange Kraken worth 3.87 million at current prices.
In conclusion, it appears that after seeing explosive growth followed by an abrupt crash in price Bald’s deployer has taken some steps towards restoring confidence in their project by transferring 7 thousand ETH back into Ethereum and depositing 2 thousand ETH onto crypto exchange Kraken for trading purposes.