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

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 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.

Profit-Taking Amidst Meme Coin Craze

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.

Unique Community Appeal and Volatility Risks

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 reported 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.

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