Over the weekend, meme coin mania returned with new fervor as it reached the Coinbase-backed Ethereum layer-2 network Base.

On July 30, BALD, an obscure meme coin with no website, on the L2 solution gained wide attention after its value exploded by more than 10,000% on the decentralized exchange Leetswap to a peak of around $0.085, and its market capitalization soared above $85 million, according to Dexscreener data. The asset’s trading volume during the period was more than $100 million.

Some community members linked the meme coin to Coinbase insiders. One tweet noted that BALD’s deployer is a whale connected to a large supply of Coinbase liquid Ethereum token, cbETH. 

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