After 8 years dumping billions of XRP, Jed McCaleb’s stack runs out in weeks

Former Ripple Labs founder Jed McCaleb is nearing the end of the eight-year XRP dump marathon, with only 81.53 million XRP ($ 26.55 million worth) left in his wallet.

According to Jed Balance, Website Tracking his XRP holdings, McCaleb’s wallet name “tacostand” reduced an average of 4.06 million XRP last month, but since Sunday, June 26, daily transfers have dropped to 7.34 million XRP ($ 2.39 million worth). I increased it.

At the current speed of selling his wallet, it could be exhausted within the next few weeks due to the joy of the crypto community.

On Wednesday, YouTuber Mason Versluis, a tiktok influencer known as CryptoMason, shared the news on Twitter with 115,000 followers, highlighting the release of 22 million XRPs in the last three days.

On Wednesday, McCulleb’s parody account, with 4,500 followers claiming to be “definitely not a real Jed,” posted a photo “a little more” in front of a restaurant called the “Taco Stand.”

Former Ripple executives have systematically sold some of their $ 9 billion XRP holdings since leaving the company in 2014.

McCaleb was part of Ripple’s founding team (then called OpenCoin) in 2012 and received a share of 20 billion XRP distributed to all three founders, including Chris Larsen and Arthur Brito. ..

McCaleb left in 2014 after a fallout with Ripple executives was reported and brought back an entire XRP share, accounting for about 9% of total supply. Later that year, he co-founded rival payment protocol Stellar (XLM).

Fearing a market crash, Ripple Labs and former executives have agreed to lock up his XRP terms if McCaleb offloads his entire holdings at once.

The lockup plan did not allow us to sell more than $ 10,000 a week for XRP during the first year. The plan will loosen over time, and for the next three years he will increase the amount he can offload to $ 20,000 worth of XRP per week.

From 2018 to 2019, a limit will be applied to the number of XRP tokens instead, and his maximum permissible offload will be limited to 1 billion XRP per year.

Since 2020, the amount has been further raised to 2 billion XRP per year.

According to Jed Balance, McCaleb offloaded most of its XRP holdings between January and August 2021. During this period, the price of XRP soared to $ 1.84 in April, offloading 2.74 billion XRP.

He took a few months break from sale from September 2021 to the beginning of January 2022 and has been steadily offloading XRP since then.

The data show that McCaleb has reduced 627.6 million XRP so far in 2022.

Related: Price analysis 6/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO

The price of XRP rebounded nearly 30% on June 24, four days after the rebound from $ 0.28, the lowest level since January 2021.