Lookonchain, a crypto analytics insight provider, has disclosed a transaction that is generating conflicting responses in the community as meme currencies gain widespread popularity. According to the information provided, a BlackRock Fund wallet address withdrew a total of 1.27 trillion PEPE, or $1.98 million, to four locations early on Thursday.
The community has begun to question if the addresses are related to the American investment management firm BlackRock as a result of the knowledge of the wallet’s activity.
While some community members contended that there may be a link, many others are of the opinion that the wallet tag displaying BlackRock’s name does not suggest any relation to the business, which is renowned as the largest asset manager with more than $10 trillion in assets under management.
Part of the issue is that investing in meme currencies is probably not a wise move for the business given BlackRock’s reputation for trustworthiness in the investment community. This top corporation and many others have probably refrained from investing in meme coins due to the significant volatility and unpredictability of these asset classes.
Meme coin and mainstream embrace
Mega investors that are well-known in the sector frequently support meme currencies. Going back in time, Dogecoin (DOGE), the first meme coin in the business, is heavily promoted by Mark Cuban.
Cuban’s Dallas Mavericks club declared support for Dogecoin as a means of payment for tickets and goods, taking his support to a whole new level. Elon Musk’s electric car manufacturer Tesla has also taken a similar step by accepting DOGE for certain of its goods.
Despite having a strong relationship with cryptocurrency thanks to its affiliation with Coinbase Exchange, BlackRock hasn’t really invested anything in Bitcoin. Thus, there is a very small likelihood that it will invest in PEPE.
