According to data provided by cryptocurrency analytics firm Lookonchain, HarryPotterObamaSonic10Inu (BITCOIN) meme coin recently collapsed by 52% due to the largest holder selling a total of 24 million tokens for $5.24 million.
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.
Its trading volume has spiked to $29.5 million over the past 24 hours, recording a 408% increase.
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The market cap of the meme cryptocurrency stands at $223 million following the recent plunge.
The meme token, which combines various pop culture icons, is supposed to encourage the creation of fresh entertainment content. The cryptocurrency has managed to grow a significant community. However, there are concerns about centralized ownership.
BITCOIN serves as the native token of the ecosystem. Its maximum supply is limited to a total of 1 million tokens.
The whale who plunged the price of the concurrency spent a total of 29.92 ETH ($54,000) in order to purchase a total of 54.8 million tokens. After conducting the massive sale, the whale in question made a profit of $3.51 million.
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Despite the price drop, some community members believe that the recent sale is a welcome development for the community since it will likely make the token less centralized.
The cryptocurrency is currently available on such trading platforms as Gate.io and MEXC.
BITCOIN is competing with such mid-cap cryptocurrencies as Dogs (DOGS) and CorgiAI (CORGIAI).
The ERC-20 token is down more than 40% from its all-time high of $0.3768 that was reached 19 days ago.
