Former Ripple Labs founder Jed McCaleb is wrapping up an eight-year XRP sell-off marathon with just 81.53 million XRP ($26.55 million) left in his wallet.
According to Jed Balance, website Tracking his XRP holdings, McCaleb’s wallet name “tacostand” lost an average of 4.06 million XRP in the last month, but since Sunday, June 26, daily transfers have increased to 7.34 million XRP (worth $2.39 million) ).
At the current rate of sales, his wallet could be drained within the next two to three weeks, much to the delight of the crypto community.
On Wednesday, tik tok influencer and YouTube anchor known as Crypto Mason, Mason Versluis, shared the news to his 115,000 followers on Twitter, highlighting that 22 million XRP had been released over the past three days.
Jed McCaleb has 81,527,488 $Ripple The rest of the!
– MasonVersluis (@MasonVersluis) June 29, 2022
On Wednesday, a parody account of McCaleb, who has 4,500 followers and describes himself as “definitely not the real Jade,” posted a photo in front of a restaurant called “The Taco Stand” with the words “coming soon.”
almost done pic.twitter.com/SdstUD4Kzc
— Jed McCaleb (@JedMccaleb12) June 29, 2022
Since leaving the company in 2014, the former Ripple executive has been methodically selling his once $9 billion XRP stake.
McCaleb is Ripple Founding Team In 2012 (then called OpenCoin), a share of 20 billion XRP was obtained, distributed among all three founders, which also included Chris Larsen and Arthur Britto.
McCaleb reportedly left in 2014 after a run-in with Ripple executives and took his entire XRP share, equivalent to around 9% of the total supply. Later that year, he co-founded rival payments protocol Stellar (XLM).
Fearing that McCaleb would immediately dump his entire holdings, causing the market to crash, Ripple Labs The former executive agreed to lock-up terms for his XRP.
The lock-up plan stipulated that for the first year, he could not sell more than $10,000 of XRP per week. The plan will be relaxed over time, and for the next three years, he can unload an amount of $20,000 worth of XRP per week.
These limits will apply to the number of XRP tokens from 2018 to 2019, limit his max Allows 1 billion XRP to be unloaded per year.
From 2020 and beyond, this amount is further increased to 2 billion XRP per year.
According to Jed Balance, McCaleb reduced most of his XRP holdings between January 2021 and August 2021, during which time the XRP price surged to $1.84 in April, a reduction of 2.74 billion XRP.
He took a few months off from September 2021 to January 2022, and has been steadily dumping XRP again since then.
Data shows that McCaleb has sold 627.6 million XRP as of 2022.
The price of XRP rallied nearly 30% on June 24, four days after recovering from its lowest level since January 2021 at $0.28. Analysis by Cointelegraph noted that the coin’s retracement rally could extend to $0.41.