Altcoin on Coinbase’s Network Takes Off After Massive Supply Burn!

The developer of the crypto project burned 60% of the supply, and the altcoin price surged strongly. According to on-chain analysis platform Spot On Chain, the Base-based crypto project Bald (BALD) recently experienced significant movement. The data revealed that the project’s developer burned a total of 600 million tokens, which corresponds to 60% of the total supply, on March 26th, at around 09:00 AM. The burning process was carried out in stages. After previously drawing investors’ ire with questionable movements, the Bald team had pulled 3,000 Ethereum from investors’ wallets through a rug pull in August 2023. Returning months later to capitalize on the increased popularity on the Base network, this meme coin project saw a surge of around 60% in response to the burning news.