BlackRock Fund withdrew a sizable sum of PEPE meme coins from Binance on May 18, and the @lookonchain analytics account said that this indicated BlackRock Fund was probably a significant PEPE meme coin holder.
The same Twitter user has since given a potential justification for what could have occurred.
Is BlackRock really involved in PEPE trading?
According to the tweet sent on Thursday, 1.3 trillion PEPE were transferred from the Binance cryptocurrency exchange to four distinct addresses by an address connected to the well-known money managing organisation.
The analytics account thought that BlackRock had only recently created these four wallets.
But as of today, @lookonchain offered an update, speculating that this could have been a random address created under the name BlackRock Fund on the.eth domain.
Larry Fink, the CEO of BlackRock, is widely known for his anti-crypto statements. Fink, like many “big wigs” from Wall Street, only considers Bitcoin, and he recently criticised BTC for being overhyped. It is doubtful that he would endorse the trade of meme coins by an investment management firm.
PEPE market performance
At the time of publication, Pepe meme currency was trading at $0.000001534, according to information from CoinMarketCap, following a loss of 5.19% over the previous 24 hours.
The coin has been declining rapidly after reaching a high of $0.000002044 on May 13. After “meme lord” Elon Musk included a picture of Pepe the Frog in his tweet that day, PEPE saw a 54% increase.
The meme coin’s official Twitter account then shared that.
