HarryPotterObamaSonic10Inu (BITCOIN) Largest Holder’s Major Sale Causes 60% Price Drop

The main holder of the popular meme currency HarryPotterObamaSonic10Inu, also known by its ticker “BITCOIN”, is alleged to have downloaded 24 million tokens, causing the price to drop by 60%.

Blockchain tracker Lookonchain was the first to report the transaction, in which the anonymous holder exchanged 24 million units of the meme token for 50.17 wrapped Bitcoin (wBTC), worth about 3, 53 million dollars.

Profiting amid the meme coin craze

On-chain data shows that the individual completed the sale on Uniswap between 6:08 and 6:11 UTC+8 on November 1. Minutes after the transaction, crypto price tracking websites like CoinGecko and CoinMarketCap recorded a sudden and severe drop in the meme currency. price, going from about $0.257541 to $0.143371.

However, the price soon began an upward trajectory, jumping to $0.209731 before making further gains to settle around the $0.2269 level.

At the time of writing, HarryPotterObamaSonic10Inu was down 15.3% from its value 24 hours ago, with a steeper drop of 27% over 14 days. However, over 30 days, the price still reflects a 70.8% increase, and those who held the coin over the past year saw a 56% increase in the value of their investment.

The anonymous seller has a track record with the meme token, initially buying 54.8 million between May and June 2023. For these, they spent nearly 30 ETH, which, at the time, translated into about $54,000.

After that, they have sold parts of their holdings, including an earlier transaction of 28.8 million coins for 21.4 ETH, ultimately making a profit of $3.51 million.

Unique community appeal and volatility risks

Since its launch, HarryPotterObamaSonic10Inu has gained a considerable following. Running on the Ethereum blockchain as an ERC-20 token, it features an eccentric mix of unrelated pop culture icons, including fictional child wizard Harry Potter, former US President Barack Obama and the popular character of Sonic the Hedgehog cartoons.

It currently has a market cap of over $225 million, with a supply of nearly 1 billion tokens, with a tax-free model for all operations.

As reported by CryptoPotato, the meme coin was one of five listed by popular analyst X Murad as a potential outperformer in a bull cycle. The expert cited HarryPotterObamaSonic10Inu’s “delusional, stubborn and relentless” community as important to any future price growth.

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