Cryptorias

Base experiences surge in Memecoin popularity: Lesser-known tokens soar amidst scams and fear of missing out

Base experiences surge in Memecoin popularity: Lesser-known tokens soar amidst scams and fear of missing out

– 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.

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