Meme Coin Mania: HarryPotterObamaSonic10Inu Price Rally and Potential Pitfalls

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To a greater extent, it is true that there is always a bull rally in the crypto market. As Bitcoin and other top digital assets struggled to maintain a bullish uptrend in the past few weeks, an upcoming meme coin called HarryPotterObamaSonic10Inu has grabbed the attention of most altcoin traders. The meme coin has rallied approximately 343 percent in the past 30 days to trade around 18 cents on Wednesday. 

But there is a Catch

According to the latest crypto market data, HarryPotterObamaSonic10Inu had a fully diluted valuation of about $188.2 million and a 24-hour trading volume of approximately $12.7 million. The notable increase in trading volume and network growth has, however, seen a significant uptick in social dominance, which is considered bearish, according to Santiment. Cryptocurrency markets often change direction when a large group of FOMO traders start entering a trade.

The biggest #memecoin on the block hasn't stopped its pumping ways. Despite many #altcoin retracements today, #HarryPotterObamaSonic10Inu price is now +182% in August. Watch volume & network growth (rise is good), & social dominance (rise is bad). https://t.co/NGd8rsWrek pic.twitter.com/ZMBXtAq4KU

— Santiment (@santimentfeed) August 16, 2023

Meanwhile, HarryPotterObamaSonic10Inu traders have been cautioned to proceed with extra measures after blockchain experts uncovered glaring shortcomings in the smart contract. Reportedly, the HarryPotterObamaSonic10Inu deployer has the ability to modify the smart contract to either disable selling, change fees, mint new tokens, or transfer tokens.

The EEC-20 meme coin has attracted significant trading due to its enhanced liquidity of up to $6 million on Uniswap, according to aggregate data provided by dexscreener. Notably, the HarryPotterObamaSonic10Inu token has risen to trade among the top meme coins, currently higher than Baby Doge Coin, and Dogelon Mars.