The color red dominates the cryptocurrency market today. Leading crypto Bitcoin fell below $70,000 after reaching peaks. The altcoin market, on the other hand, is struggling with deeper losses. In particular, some meme coin projects saw 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!
cryptokoin.comAs you can follow from , 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 crashed 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.
Source: Lookonchain/XAltcoin 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.
BITCOIN daily price chart. Source: CoinMarketCapBringing 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.
