• A wallet named BlackRock withdrew $1.2M worth of PEPE from Binance on May 18th.
• The wallet had previously booked in $2.39 million in profits from the memecoin.
• BlackRock is a prominent investor in the crypto industry, having involvement with Coinbase and FTX.
Alleged BlackRock Wallet Address Withdrew $1.2M Worth PEPE
An alleged wallet bearing the name of investment giant BlackRock withdrew 1.27 trillion PEPE (which is worth around $1.98 million) from Binance to four addresses on May 18th, according to Lookonchain’s data analysis. The same Binance deposit address was used as blackrockfund3.eth which had previously booked in a profit of $2.39 million by purchasing 1T PEPE at an average price of $0.0000002431 and selling it at an average price of $0.000002627 on May 5th; profiting 10x or approximately $2.39 million in the process.
Renewed Interest In Memecoins
The rise of PEPE has ignited renewed investor interest in other memecoins, even as Bitcoin’s 2023 rally stalled; prompting speculation that these four wallets may have been created by the American investment company itself given its involvement with Coinbase and FTX as well as its portfolio allocation for cryptocurrency investments being steadily increased over time..
Speculation Regarding BlackRock’s Involvement
Given its status as the world’s largest asset manager, many within the community were skeptical of BlackRock’s participation in this frenzy but it appears that they are embracing memecoins despite their initial reluctance to do so..
On-Chain Data Analysis
Lookonchain’s data analysis concluded that these four addresses used the same Binance deposit address as blackrockfund3 eth, leading to speculation that they were most likely created by Black Rock Investment Company itself..
Conclusion
This news comes after Lookonchain’s data analysis concluded that this wallet had withdrawn more than 1 trillion PEEP tokens from Binance to various addresses all connected under one name; Black Rock Investment Company which has shown increasingly more involvement with cryptocurrencies over time despite initially being reluctant to join the industry