BSD token on Base chain rug-pulled by developers, market cap plummets 99% from peak of $50 million

According to ChainCatcher, citing GMGN market data, the new token BSD was launched on the Base chain at 4 a.m. today. The market initially expected this token to be a cold start token, which drove its market capitalization sharply higher, peaking above $50 million.

Subsequently, BSD developers removed a large amount of liquidity about half an hour ago, causing the token price to plummet. As of press time, BSD's market capitalization has dropped to $260,000.