The Whale in Question
In the wild waters of cryptocurrency, few names make a bigger splash than Jed McCaleb. The former CTO and co-founder of Ripple had quite the year in 2020, notably cashing out a breathtaking $411 million in XRP. According to Whale Alert, the man sold off a staggering 1.2 billion XRP, averaging around $0.34 per coin! Talk about making waves!
The Rollercoaster of XRP
For any crypto enthusiast, McCaleb’s financial maneuvers are thrilling yet perplexing. His selling frenzy in 2020 represented about 27% of his total XRP stash held in a special settlement account with Ripple Labs. In contrast, he sold only about a billion XRP over five years (2014-2019). It’s almost like he decided to switch from a slow gondola to a high-speed rollercoaster!
Timing is Everything
Timing appears to be another skill in McCaleb’s impressive toolkit. While he was cashing out, Ripple was embroiled in lawsuits from the SEC and a disgruntled investor. If emotional rollercoasters were currencies, 2020 would have been the year of the coasters! Further adding to the drama, McCaleb had received a jaw-dropping 9.5 billion XRP as a co-founders reward when he exited Ripple back in 2014.
The Controversial Seller
McCaleb’s sales haven’t come without their share of controversy. In an effort to prevent market chaos, he signed an agreement with Ripple Labs limiting his XRP sales weekly—an agreement that will end in 2023. Can you imagine signing up for a long-term gym membership but never actually working out? Well, it’s kind of like that!
What Lies Ahead?
As of now, McCaleb’s current crypto holdings, after his various sales, are estimated to be valued at around $1.2 billion, firmly placing him on the crypto elite list. Interestingly, with 652.1 million XRP (worth roughly $147 million!) still tucked away in his virtual wallet, he hasn’t completely phased out of the XRP scene just yet.
Ultimately, one can’t help but feel the weight of what it means to have this kind of economic power swimming in the same pool as lesser-known traders. As one insightful tweet from Whale Alert stated, “the economic power and consequences of whales…cannot be ignored.” So, as we play the waiting game to see how all this plays out, keep an eye on McCaleb; he just might be the best dramatic character in the crypto universe!
