Crypto Community Reacts to BlackRock Fund’s Million-Dollar PEPE Transaction

BlackRock Fund’s recent transaction involving meme coin PEPE has sparked a mixed reaction within the crypto community. Lookonchain, a crypto analytics insight provider, shared data revealing that a BlackRock Fund wallet address withdrew a substantial amount of 1.27 trillion PEPE tokens, equivalent to approximately $1.98 million, from Binance. The withdrawal was made to four addresses in the early hours of Thursday.

The transaction has raised eyebrows due to BlackRock Fund’s reputation and influence in the investment world. As a renowned firm known for its integrity, many question the wisdom of taking a position in meme coins, given their high volatility and instability. Meme coins, including PEPE, have gained popularity recently but are generally viewed as risky assets.

Lookonchain also disclosed that BlackRock Fund previously purchased 1 trillion PEPE tokens on April 21, when the average price was $0.0000002431. They sold all of the acquired tokens on May 5, at an average price of $0.000002627, generating a profit of approximately $2.39 million, representing a 10x return on their investment.

The community’s reaction to BlackRock Fund’s involvement in meme coins has been divided. While some argue that it is a testament to the growing legitimacy of these digital assets, others express concern over the potential risks associated with such speculative investments.

It is worth noting that the four addresses receiving the PEPE tokens are believed to be newly created by BlackRock Fund, as they share the same Binance deposit address as blackrockfund3.eth. These addresses can be viewed on Etherscan.

Overall, this transaction has ignited a discussion within the crypto community regarding the suitability of meme coins for established investment firms like BlackRock. The debate centers around the risks involved in investing in highly volatile assets and the potential impact on the reputation of renowned institutions.

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