Follow Us @
Memecoin holder causes 60% drop in price: understand
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
The main holder of the popular memecoin HarryPotterObamaSonic10Inu, also known as “BITCOIN”, gave the market a scare. According to reports, the holder allegedly sold 24 million tokens on Thursday (31), resulting in a 60% drop in price.
The person who provided the information was the transaction tracker Lookonchain, which published the news on its X profile. The data shows that the investor exchanged the tokens for 50.17 Wrapped Bitcoins (wBTC), worth around US$3.53 million.
This was not the first sale operation for the holder, who acquired his BITCOIN tokens between May and June 2023. At the time, he spent 29.92 Ether (ETH) – around US$54,000 at prices at the time – to buy 54, 8 million tokens. He then sold 28.8 million BITCOIN for 21.4 ETH ($39,000), keeping 26 million.
On-chain data shows that the investor completed the sale on Uniswap this Friday morning (01), causing a sudden drop. Minutes after the transaction, the price of HarryPotterObamaSonic10Inu dropped from $0.25 to $0.14.
Profit amid the memecoin craze
However, the price soon recovered again and rose to $0.21, stabilizing at $0.22. According to CoinGecko, memecoin has accumulated losses of 15% in the last 24 hours.
Over the course of 30 days, the price still records a 70.8% gain, with those who have held the coin over the last year seeing a 56% increase in the value of their investment.
The anonymous seller has a history with memecoin, as he initially purchased 54.8 million between May and June 2023. Despite the strong sell-off, he still holds around 2 million of the BITCOIN memecoin.
Since its release, HarryPotterObamaSonic10Inu has gained a considerable number of followers. Although it is codenamed BITCOIN, it is an ERC-20 token that operates on the Ethereum blockchain and features an eccentric combination of unrelated pop culture icons.
The main “symbols” of this memecoin are the wizard Harry Potter, the former president of the United States Barack Obama and the game character Sonic, popular in the 1990s.
Memecoin currently has a market cap of over $225 million, with a supply of nearly 1 billion tokens, featuring a no-fee model for all trades. Until the closing of this article, it was not clear why the holder sold such a large number of tokens.
Memecoin holder causes 60% drop in price: understand
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
Memecoin holder causes 60% drop in price: understand
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Memecoin holder causes 60% drop in price: understand
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
Memecoin holder causes 60% drop in price: understand
