Jed McCaleb Dumps Over $124M Worth of his XRPs in Last 3 Weeks
The former Bittrex CEO Jed McCaleb has dumped a staggering $124 million worth of his XRP tokens in the last three weeks.
Since the announcement last month that long-time Bitcoin foundation member and former Ripple co-founder Jed McCaleb was leaving Ripple, the price of XRP has taken a dive.
So, it is amusing to see the Satoshi Trust recently dumping 33,000 of their XRP worth over $124 million. We have not yet heard what the reason is, but we have seen them do this before. There were rumours that they dumped over $25 million worth of XRP in May, but they denied it. So, what could the reason behind the dumping be?
Jed McCaleb, co-founder and former CTO of Ripple Labs, recently released 214.5 million XRP tokens from his tacostand wallet on crypto-currency exchanges.
McCaleb releases 214.5 million of hisXRP
Jed McCaleb has dumped 214.5 million of his XRP tokens on the market, according to XRP analyst firm XRPScan. Analysis shows McCaleb has been in the game since the third. In June, there were a total of 20 transactions.
Three consecutive transactions each contained 16,353,884 XRP, the next 7 contained 12,915,667 XRP tokens, 7 more contained 8,221,608 XRP, and the last three transactions moved 6,036,204 XRP. It should be noted that all the above operations were completed in just 19 days.
The total of 214.5 million XRP chips is $124,354,817.
Meanwhile, the billionaire received a whopping 408 million XRP tokens from Ripple. This amount is $235,984,954.
If McCaleb has no more XRP:
The data, published on jed.tequ.dev, illustrates the likely patterns by which the crypto billionaire could deplete his XRP holdings.
In the first scenario, if McCaleb decides to release an average of 7,597,207 XRP each week, the value would drop to zero over the next 142 days. The one for the 12th. November is planned.
In the second case, if he spends XRP 1,459,239 per month, he will be paid in 94 days, on the 25th. September, no more XRP tokens.
If McCaleb eventually decides to release his XRP as soon as possible, he could be selling an average of 12,744,966 XRP every three months. So, he would have all his XRP shares on the 15th. September (84 days to date) sold.
Jed McCaleb is currently the CTO of Stellar and developer of several blockchain-based projects; he is one of the most influential figures in the world of cryptocurrency. Earlier this year, he was featured in the article Cryptocurrency Tycoons on Forbes’ Billionaire List for 2021.
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