Ripple Token heavily drops in price after the Ripple’s token airdrop snapshot while co-founder McCaleb enters Forbes world’s 40th richest person.
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According to an onchain data analytics researchers as seen on by DiutoCoinNews on news.Bitcoin.com, one of the founders of the company Ripple, Jed McCaleb allegedly sold 29.5 million XRP in a single day.
McCaleb is an early cryptocurrency investor, and a self-made entrepreneur. He is currently on the Forbes Top 40 richest following a recent sell off of Ripple Tokens.
It is estimated that McCaleb owns more than $20 billion in digital assets one of which is his XRP token ownership. Projections also show that when McCaleb founded “Opencoin,” which was rebranded to Ripple, the founder held 9 billion XRP tokens in an individual wallet.
Per Leonidas Hadjiloizou’s research shared data concerning McCaleb selling a massive quantity of XRP on December 6. The report claims that on Sunday, December 6, 2020, when XRP was swapping for $0.59 to $0.62 per token.
He reportedly sold XRP worth over $17 million and prior to the dump, Hadjiloizou says that McCaleb has been dumping on an increment of over 9 million XRP daily.
“After selling 9.9 million XRP per day for a week, Jed was able to sell 29.5 million XRP today,” Hadjiloizou tweeted on Sunday.
Recall that as at yesterday, Whale Alerts signalled an XRP transfer from unknown wallets to different exchanges. Over 10 million XRP was moved in four consecutive transfers.
Few hours ago, over 50 million XRP has been transferred with Bitsamp having the highest share count in the sell off.
In September 2019, researchers caught 100 million XRP flow from Ripple to McCaleb’s known wallet. Whale Alert said they managed to “track the sales of 1.05 billion XRP (almost exclusively through the same Bitstamp) between 2014 and 2019.
As at today also from Whale Alerts signal sells count, Bitsamp still has the highest share count in the sell off to a tone of over 30 million XRP at the time of writing.
Read Also: What is Flare Network and Spark Token: A Full Guide for Beginners.
“We have calculated the sales of XRP by Jed McCaleb for 2020 up to August 3. During this period, an additional 375 million XRP have been sold through his accounts for a total value of $75 million USD.” Whale Alerts report.
Moreso, recall that around 1 billion XRP was recently removed from the escrow wallet where it was locked and sent across two separate wallets at 50-50 count.
Meanwhile, McCaleb also cofounded another digital currency network called Stellar with Joyce Kim. Stellar (XLM) is a fork of XRP and it is similar to the Ripple network and has also much supply.
He is reportedly also the infamous programmer who founded the trading exchange Mt Gox and is known for his XRP donations to charity and organizations.
In 2017, he founded Lightyear.io, which later became known as the Interstellar payment system.
Ripple now also is airdropping another token SPARK token which it claims will be supporting smart contracts for the Ripple’s Network and other networks without smart contract. Recall also that the total supply is 1:1 to XRP at 45billion.
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