BlackRock Fund Withdraws $1.9 Million in PEPE, sparks reactions

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BlackRock Fund Withdraws $1.9 Million in PEPE, sparks reactions

BlackRock Fund Withdraws PEPE – A new whale alert has been revealed to the meme coin community. A new report from Lookonchain reveals a significant withdrawal of the trending meme coin PEPE by BlackRock Fund.

The popularity of meme coins continues to grow. More individual investors and whales continue to amass a significant amount of tokens. In a new report by crypto analytics insight provider Lookonchain, a recent transaction was made which has caused mixed reactions in the crypto community.

According to the report, a wallet address belonging to BlackRock Fund withdrew about 1.27T $PEPE (which converts to $1.98M) from Binance. The withdrawal was made to four different addresses on Thursday, May 18.

Reacting to the update, the crypto community is beginning to wonder if the wallet address is somehow connected to the New York-based multinational investment company BlackRock.

Though some community members believe that the wallet is connected to the company, others argue that it does not in any way connect to the investment company.

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For context, BlackRock is the world’s largest asset manager. As of December 31, 2022, BlackRock has over $8.66 trillion in assets under management. The major point of argument is the idea of investing in meme coins which are known to be a very volatile asset.

They argue that based on BlackRock’s integrity and status in the investment world, investing in meme coins is definitely not a smart move for the company. However, others argue that 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 its growing acceptance

Mega investors who 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 method 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.

The probability of BlackRock Investment connected to this transaction is very low given the fact that it has not made any significant investment in Bitcoin. However, it is important to note that the company fully embraces crypto and it has a partnership with Coinbase Exchange.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.