The color red dominates the cryptocurrency market today. Leading crypto Bitcoin fell below $70,000 after reaching peaks. The altcoin market is struggling with deeper losses. In particular, some meme coin projects have seen sharp declines due to intense selling pressure. A meme coin crashed shortly after its biggest whale dumped it, on-chain analytics platform Lookonchain reported.
The giant breast coin whale emptied its bag with high profits!
As you follow from Kriptokoin.com, a sales wave has started in the market. Thus, cryptocurrency prices are witnessing sharp declines. There are sharp fluctuations in the prices of some tokens, especially small-scale ones. The price of meme coin BITCOIN quickly collapsed as its biggest whale sold 24 million tokens.
This memecoin, named HarryPotterObamaSonic10Inu (BITCOIN), had a market cap of over $200 million, Lookonchain reported. Whale sold 24 million BITCOIN tokens in his wallet, which was stated to have the address 0xdC…1820, for 50.17 WBTC (approximately $3.53 million) via Uniswap. Whale previously purchased 54.8 million BITCOIN in May and June 2023. He invested a total of $54,000 for this. Additionally, he pre-sold 28.8 million BITCOIN tokens for 21.4 ETH ($39,000). He made a profit of $3.51 million by holding 26 million BITCOIN tokens. Lookonchain made the following statement on the subject:
The largest BITCOIN holder (HarryPotterObamaSonic10Inu) sold 24 million BITCOIN ($5.34 million) for 50.17 WBTC ($3.53 million) 4 hours ago, causing the BITCOIN price to drop by 52%. In May and June 2023, he spent 29.92 ETH ($54 thousand) to buy 54.8 million BITCOIN and sold 28.8 million BITCOIN for 21.4 ETH ($39 thousand), leaving the remaining 26 million BITCOIN to date. He held it in his hand until Total profit: $3.51 million.
Altcoin price crashed in a short time!
The Meme coin price saw an initial drop of more than 50% in response. The token suddenly dropped below $0.167 from $0.2853 before the sale. However, he later managed to recoup some of his losses. At the time of writing, BITCOIN was trading at $0.2256, down over 15% on a daily basis. Meanwhile, the token’s trading volume increased by a phenomenal 455% in the same time period. This reflects the efforts of investors and traders to get rid of the token during the dump.
Bringing together various pop culture icons, the meme token is expected to encourage the creation of new entertainment content. Cryptocurrency has managed to create a significant community. However, there are concerns about centralized ownership for the meme coin. BITCOIN serves as the native token of the ecosystem. Its maximum supply is limited to a total of 1 million tokens.