The $2.39 million in PEPE earnings were just recorded by the wallet.
Even when Bitcoin’s 2023 climb slowed, increased investor interest in meme coins was sparked by PEPE’s growth.
On May 18th, a BlackRock-affiliated wallet withdrew 1.27 trillion PEPE (approximately $1.98 million) from Binance to four different addresses.
BlackRock Fund bought 1T PEPE (valued at about $244K) on April 21 at an average price of $0.0000002431, then sold it all (valued at about $2.63M) on May 5 at an average price of $0.000002627, making a profit of 10x, or about $2.39M.
The on-chain platform assumed that the American investment firm was responsible for creating all four addresses.
Many were surprised to see the world’s biggest asset management, BlackRock, jump on the memecoin bandwagon, despite the fact that big players in the market often do.
BlackRock was slow to enter the cryptocurrency market initially, but the firm has since become a major player thanks to its collaboration with Coinbase and a steady increase in its allocation of cryptocurrency to its portfolio.
BlackRock was also a prominent FTX investor. So, it seems very improbable that the financial behemoth will join the PEPE bandwagon only months after losing $24 million in the defunct crypto exchange.
BlackRock CEO Larry Fink said in the company’s annual shareholder letter that the asset management is looking at permissioned blockchains and the tokenization of equities and bonds.
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