There are rumors that one of the crypto whales, which earlier this year memecoin Pepe (PEPE) come from BlackRock, one of the largest asset managers in the world. The rumors started then one wallet labeled BlackRock withdrew some 1.27 trillion PEPE tokens. The news became disclosed by analytics firm Lookonchain:
1/ We noticed that BlackRock Fund withdrew 1.27T $PEPE ($1.98M) from #binance to 4 addresses 2 hrs ago.
And BlackRock Fund made $2.39M(10x) on $PEPE before! pic.twitter.com/WgVnCGXpnt
— Lookonchain (@lookonchain) May 18, 2023
The trillions of green frog coins were sent from four different addresses to the same Binance deposit address called blackrock3.eth on May 18. The total number of tokens represented a value of almost $2 million at the time of writing. However, the US asset manager has not released any confirmation that it is behind the wallets.
By looking back to when BlackRock bought the Pepe tokens, we can see that the company made quite a bit of profit. vaccording to Lookonchain, the asset manager purchased 1 trillion Pepe tokens on April 21 for a total of $244k. Affected coins were then sold on May 5 for $2.63 million, a modest profit of $2.39 million in two weeks.
BlackRock has also invested in crypto. For example, the American company had money in FTX, which is currently in a bankruptcy case sit. Due to the crash of the cryptoexchange BlackRock lost a lot of money: about $24 million. With that, the profit on Pepe does not make any difference in relative terms.
Pepe made waves by growing from a market cap of around $30 million to a market cap of more than $1.8 billion in a short period of time. The price has now undergone a strong correction and is only 30% of its value all time high worth. It is impossible to predict whether the project can make an advance again. After Elon Musk started to publicly tweet about ‘Pepe the Frog’ investors hope that the uptrend can resume.