The recent surge of PEPE has reignited investor interest in memecoins, despite Bitcoin’s 2023 rally slowing down.
BlackRock, a prominent investment company, withdrew 1.27 trillion PEPE (approximately $1.98 million) from Binance and transferred it to four addresses on May 18th.
- Lookonchain’s data shows that these addresses have the same deposit address as blackrockfund3.eth.
- In April, BlackRock Fund bought 1 trillion PEPE (worth $244K at the time) at an average price of $0.0000002431 and sold it all (worth $2.63 million at the time) at an average price of $0.000002627 on May 5, making a profit of approximately $2.39 million (10x).
- The on-chain platform speculated that BlackRock created the four addresses.
- Despite skepticism from some in the community due to BlackRock being the world’s largest asset manager, it’s not uncommon for big market players to invest in memecoins. BlackRock has steadily increased its crypto portfolio allocation and gained prominence through its Coinbase partnership.
- Furthermore, BlackRock was an investor in FTX, so it seems unlikely that the company would jump on the PEPE bandwagon after losing $24 million in the collapsed crypto exchange just a few months ago.
- In BlackRock’s annual letter to shareholders, CEO Larry Fink mentioned exploring permissioned blockchains and tokenization of stocks and bonds in the digital asset ecosystem.
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