Major Sell-Off by Largest HarryPotterObamaSonic10Inu Holder Triggers 60% Price Drop

The largest holder of the meme coin HarryPotterObamaSonic10Inu, commonly referred to by its ticker “BITCOIN,” has reportedly sold off a staggering 24 million tokens. This massive transaction led to a dramatic 60% decline in the token's price.

• The blockchain tracking platform Lookonchain was the first to highlight this substantial sale, where the anonymous holder exchanged the tokens for 50.17 wrapped Bitcoin (wBTC), valued at approximately $3.53 million.

Market Reaction to the Sale

On-chain data indicates that the sale occurred on Uniswap between 6:08 and 6:11 UTC+8 on November 1. Following the transaction, cryptocurrency tracking sites like CoinGecko and CoinMarketCap noted a sharp drop in the token's price, plummeting from around $0.257541 to $0.143371.

• Despite this initial crash, the price began to recover, climbing to $0.209731 before stabilizing around $0.2269.

• As of now, HarryPotterObamaSonic10Inu is trading at 15.3% lower than its value from 24 hours ago and has seen a 27% decrease over the past two weeks. However, the token still reflects a 70.8% increase over the last month.

Background of the Seller

The anonymous seller has a notable history with the HarryPotterObamaSonic10Inu token, initially acquiring 54.8 million tokens between May and June 2023 for nearly 30 ETH, which was roughly $54,000 at that time.

• Since then, they have gradually sold portions of their holdings, including a previous sale of 28.8 million tokens for 21.4 ETH, resulting in an overall profit of $3.51 million.

Community and Market Dynamics

HarryPotterObamaSonic10Inu has cultivated a substantial following since its inception, operating as an ERC-20 token on the Ethereum blockchain. The token uniquely blends various pop culture figures, including Harry Potter, Barack Obama, and Sonic the Hedgehog.

• Currently, it boasts a market cap exceeding $225 million and a supply of nearly 1 billion tokens, featuring a no-tax model for all transactions.

• Analysts have noted its potential for future growth, citing the strong and dedicated community as a driving factor.

The significant sell-off by the largest holder has raised concerns about the volatility of meme coins like HarryPotterObamaSonic10Inu. As the market reacts to such fluctuations, the future trajectory of the token remains uncertain.