A few weeks ago, bald (BALD), a token that went viral in a matter of days, saw its price drop by 90% after some events.
The developer who created bald, whose identity is unknown, had moved about $12 million worth of ether (ETH) to the Base network, a blockchain project by Coinbase that was not yet officially launched.
Yesterday, the developer reversed the move and sent back 7,000 ether ($12.9M) from Base to Ethereum, according to data from Lookonchain.
The developer also cashed out 2,100 ether ($3.87M) by depositing them to the Kraken crypto exchange.
This was the first time that more money left the Base network than entered it, as shown by a Dune Analytics query.
Bald’s popularity surged in early August when a trader claimed to have turned $500 into hundreds of thousands with the token.
Bald’s market cap reached $80 million as traders flocked to the Base network, hoping to profit from the token’s astronomical rise in a stagnant market.