The transfer took place weeks after bald ran up to an $80mln capitalization before some actions caused prices to slump 90 per cent

The developer behind bald, one of the most viral tokens in recent months, moved nearly $12mln in ether back to the Ethereum network on Sunday.

The transfer took place weeks after bald ran up to an $80mln capitalization before some actions caused prices to slump 90 per cent.

According to data by analytics firm Lookonchain, the bald token deployer bridged 7, 000 ether ($12.9mln) from the Base network back to Ethereum on Sunday. Bridging refers to the movement of tokens between various blockchains.

The deployer then deposited 2,100 ether, worth $3.87mln at current prices to the crypto exchange Kraken.

This transfer marked the first time more money was sent out of the Base network than bridged in, according to a Dune Analytics query.

Bald’s mysterious growth in early August came when Base was not even officially open to the public. A viral post of a trader turning $500 to hundreds of thousands sent Bald zooming 4,000,000 per cent within days, drawing more than $66 million in ether to the ecosystem as traders hoped to get returns from an otherwise flat wider market.

Bald appeared to have it all: Seemingly limitless liquidity, a growing community, a rush of new traders and, among some circles, some hopes of it becoming the next Shiba Inu. Nevertheless, this delight stayed just more than a few days. Bald prices declined 90 per cent after peaking after the token’s deployer removed millions of dollars worth of liquidity – causing sentiment to swiftly sour as traders rushed for the exits amid the uncertainty.

The deployer had earlier added up to $35 million worth of ether to a liquidity pool on Leetswap, an exchange built on Base network, which created the impression of it being a well-funded project.

They also likely made millions of dollars in fees from supplying ether against bald tokens, as well as from selling ether for bald when prices increased.

As such, the developer appeared little disconcerted after the price decline. The tokens controlled by the deployer address, including liquidity tokens, are owned by the deployer who reserves the right to do whatever with them, they tweeted.

If you still decide to trade this token you will possibly lose all your money (if you somehow have not already). This is a memecoin. There is no roadmap. The fundamental value of this token is $0. There is no BALD team, they added at the time.