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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.
The market cap of the meme cryptocurrency stands at $223 million following the recent plunge.
The meme token 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.
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.
The cryptocurrency is currently available on such trading platforms as Gate.io and MEXC.