Minutes after HarryPotterObamaSonic10Inu’s massive sell-off on the Uniswap exchange, digital asset price tracking sites such as CoinGecko and CoinMarketCap recorded a sharp drop in the token’s price from $0.2575 to $0.1433.
According to Lookonchain, the anonymous seller bought the tokens between May and June 2023, spending about 30 ETH ($54,000) on them. During the sale, he exchanged 24 million HarryPotterObamaSonic10Inu tokens for 50.17 wBTC, worth about $3.53 million.
The practice of accumulating meme tokens in the wake of popularity and then dumping them en masse is widely popular among speculative market players. For example, YouTuber Jimmy Donaldson, known as MrBeast, participated in the promotion of several low-liquid tokens and profited significantly from the sharp rise in prices after their launch.
Source: Bits
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