HarryPotterObamaSonic10Inu (BITCOIN) Meme Coin Collapses by 52% Due to the Largest Holder Selling Tokens

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.

A meme coin named HarryPotterObamaSonic10Inu (BITCOIN) has recently seen a massive sell-off by its largest holder, leading to a 52% price drop, as reported by cryptocurrency analytics firm Lookonchain.

According to CoinMarketCap, the meme coin is currently trading at $0.22 after recovering from lows of $0.167 earlier today. Over the past 24 hours, its trading volume has surged by 408% to reach $29.5 million.

Following the sell-off, the meme cryptocurrency's market cap now stands at $223 million.

The meme token, which combines elements from pop culture, aims to facilitate the creation of new entertainment content. It has managed to garner a substantial community, but concerns remain regarding its centralized ownership structure.

BITCOIN is the native token of the ecosystem and has a maximum supply capped at 1 million tokens.

The whale who drove the sell-off purchased 54.8 million tokens for a total of 29.92 ETH ($54,000). After the massive sale, the鲸 realized a profit of $3.51 million.

Despite the sell-off, some members of the community are expressing optimism, viewing it as a positive step towards reducing the token's centralization.

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

BITCOIN competes in the mid-cap cryptocurrency segment alongside Dogs (DOGS) and CorgiAI (CORGIAI).

The ERC-20 token has lost over 40% of its value since reaching an all-time high of $0.3768 nineteen days ago.