Meme Coin BITCOIN Collapses by 52%

The largest holder of the meme coin has triggered a 52% price drop

According to data provided by cryptocurrency analytics firm Lookonchain, HarryPotterObamaSonic10Inu (BITCOIN) meme coin recently collapsed by 52% due to the largest holder selling a total of 24 million tokens for $5.24 million.

After paring some losses, the meme coin is currently trading at $0.22, according to CoinMarketCap data. Earlier today, it was trading at as low as $0.167.

Its trading volume has spiked to $29.5 million over the past 24 hours, recording a 408% increase.

The market cap of the meme cryptocurrency stands at $223 million following the recent plunge.

The meme token is supposed to encourage the creation of fresh entertainment content. The cryptocurrency has managed to grow a significant community. However, there are concerns about centralized ownership.

The whale who plunged the price of the concurrency spent a total of 29.92 ETH ($54,000) in order to purchase a total of 54.8 million tokens. After conducting the massive sale, the whale in question made a profit of $3.51 million.

The cryptocurrency is currently available on such trading platforms as Gate.io and MEXC.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

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Meme Coin BITCOIN Collapses by 52%

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