BlackRock gets 10x profit from transactions with the PEPE token

The company bought 1 trillion coins on April 21 and sold them on May 5

18.05.2023 - 11:25

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2 min

What’s new? BlackRock, the world’s largest investment company, made $2,39 million on transactions with the PEPE meme token. According to analysts at Lookonchain, the company bought $1 trillion coins worth $244 000 on April 21 at an average price of $0,0000002431 and sold them for $2,63 million ($0,000002627 per token) on May 5 — a 978% gain. In addition, on May 18, BlackRock withdrew $1,27 trillion of PEPE worth $1,98 million from crypto exchange Binance to four addresses it owns.

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

What is known about the asset? PEPE is a meme token whose mascot is the character Pepe the Frog, created by cartoonist Matt Furie. The project is positioned as a competitor of “dog” meme tokens, the largest of which are DOGE, SHIB, and FLOKI. The token has a total issue of 420,69 trillion PEPE.

Three weeks after the launch, on May 5, PEPE’s capitalization reached a record $1,82 billion. It was on that day that BlackRock sold 1 trillion tokens, recording a nearly 1000% profit. After that, the price of PEPE began to decline, and as of May 18 is $0,0000016. The capitalization fell from its peak to $672,57 million (CoinGecko’s data).

Against the background of the fall in the PEPE rate, crypto analyst and DataDash podcast host Nicholas Merten predicted a sharp decline in the market capitalization of altcoins. He also called PEPE speculation and said that the token’s active dump in the last couple of days is “abysmal for the industry.”

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