The silence around the PEPE (PEPE) coin, which has been at the forefront of the cryptocurrency market news and initiated the memecoin frenzy, seems likely to be broken again. The BlackRock Fund, which made a 10-fold return on its PEPE trades in April and early May, generating $2.39 million, has been discovered to have re-purchased PEPE.
PEPE Withdraws from Binance
On-chain data platform Lookonchain, well-known for tracking blockchain activity, recently reported that the BlackRock Fund, part of the world’s largest asset management company, BlackRock, has bought more of the popular altcoin PEPE. The fund withdrew approximately $1.98 million worth of 1.27 trillion PEPE across four wallet addresses from cryptocurrency exchange Binance.
Lookonchain pointed out that these four wallet addresses share the same Binance deposit wallet address with blackrockfund3.eth and are likely newly created by the BlackRock Fund.
The Last PEPE Trade
Besides noting the recent PEPE withdrawals, the on-chain data platform also mentioned the profit the BlackRock Fund made from its previous investment in PEPE. The Fund, which purchased 1 trillion PEPE at an average price of $0.0000002431 on April 21 (amounting to $244,000 at the time), sold all of it on May 5 at an average price of $0.000002627. The fund netted approximately $2.39 million from this trade, multiplying its investment tenfold.
The fact that the BlackRock Fund is buying more PEPE, even after selling all of its previous holdings, has sparked speculation that the memecoin, which has been on a downtrend for a while, could start climbing again.
According to data provided by cryptocurrency data platform CoinMarketCap, the memecoin is currently trading at $0.000001524, down by 7.98% in the last 24 hours. Despite the recent drop in PEPE’s price, it’s important to note that the memecoin has increased its value by almost 200% in the last 30 days.
