Sonic

Major

Harry

Uniswap

The top holder of the popular meme coin HarryPotterObamaSonic10Inu, also known by its ticker “BITCOIN,” is alleged to have offloaded a massive 24 million tokens resulting in a 60% price crash.
Blockchain tracker Lookonchain was the first to <a href="https://x.com/lookonchain/status/1852177103334314342" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">report</a> 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.
<h2 id="profit-taking-amidst-meme-coin-craze">Profit-Taking Amidst Meme Coin Craze</h2>
On-chain data shows 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 dip in the meme coin’s price, going from about $0.257541 to $0.143371.
However, the price soon started 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 15.3% below its value from 24 hours ago, with the dip a more pronounced 27% across 14 days. However, over 30 days, the price still reflects a 70.8% uptick, with those holding the coin in the last year seeing a 56% rise in the value of their investment.
The anonymous seller has a history with the meme token, initially purchasing 54.8 million between May and June 2023. For these, they spent nearly 30 ETH, which, at the time, translated to about $54,000.
Following that, they have sold portions of their holdings, including a previous transaction of 28.8 million coins for 21.4 ETH, ultimately achieving a profit of $3.51 million.
<h2 id="unique-community-appeal-and-volatility-risks">Unique Community Appeal and Volatility Risks</h2>
Since its launch, HarryPotterObamaSonic10Inu has gained a considerable following. Operating on the Ethereum blockchain as an ERC-20 token, it features an eccentric combination of unrelated pop culture icons, including fictional child magician Harry Potter, former U.S. President Barack Obama, and popular cartoon character Sonic the Hedgehog.
It currently holds a market value exceeding $225 million, with a supply of close to 1 billion tokens, featuring a no-tax model for all trades.
As <a href="https://cryptopotato.com/heres-why-these-5-meme-coins-might-do-extremely-well-this-bull-cycle-analyst/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> by CryptoPotato, the meme coin was one of five listed by popular X analyst Murad as a potential top performer in a bull cycle. The expert cited HarryPotterObamaSonic10Inu’s “delusional, stubborn, and relentless” community as being important to any future price growth.
The post <a href="https://cryptopotato.com/major-sell-off-by-largest-harrypotterobamasonic10inu-bitcoin-holder-sparks-60-price-drop/" rel="noopener noreferrer nofollow">Major Sell-Off by Largest HarryPotterObamaSonic10Inu (BITCOIN) Holder Sparks 60% Price Drop</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Major Sell-Off by Largest HarryPotterObamaSonic10Inu (BITCOIN) Holder Sparks 60% Price Drop

Table of Contents

CryptoPotato_News

Other articles published on Nov 1, 2024

XRP Rebound Imminent If This Trend Continues

Transak Canada Achieves FINTRAC Registration, Strengthening Commitment to Secure and Compliant Cr...

MemeFi November 1: Secret Tap Combo and Video Codes

BitGo appoints ex-Silvergate president to oversee reward-bearing stablecoin

Shiba Inu Wins Two Promotional Events For SHIB Holders

Bybit TR Launches Localized App to Elevate Crypto Asset Investment Experience

Join our free newsletter for daily crypto updates!