BlackRock’s Involvement With PEPE Can Be Explained Now: Details

On May 18, @lookonchain analytics account spread the word that BlackRock Fund was likely a large holder of PEPE meme coins as it withdrew a massive amount of them from Binance.

Now, the same Twitter account added a possible explanation as to what may have happened.

Is BlackRock really involved in PEPE trading?

The tweet published on Thursday shows that an address linked to the prominent funds managing company withdrew around 1.3 trillion PEPE from the Binance crypto trader to four different addresses.

The analytics account assumed that these four wallets were newly created ones by BlackRock.

However, today, @lookonchain provided an update, saying that this may have been a random address registered on the .eth domain under the name of BlackRock Fund.

Explanation:
Maybe some guy registers .eth domain with the same name as @BlackRock.

— Lookonchain (@lookonchain) May 19, 2023

CEO of BlackRock Larry Fink is well known for his anti-crypto rhetoric. As many “big wigs” from Wall Street, Fink only looks at Bitcoin, and he has slammed BTC recently for being overhyped. It seems unlikely that he would approve of this investment management company trading meme coins.

PEPE market performance

According to data provided by CoinMarketCap, at press time, Pepe meme coin is changing hands at $0.000001534 after a 5.19% decline over the last 24 hours.

The coin has been going down sharply after a peak of $0.000002044 reached on May 13. On that day, PEPE was up 54% after “meme lord” Elon Musk added an image of Pepe the Frog to his tweet.

The official account of the meme coin then retweeted that.