Stellar (XLM) Chief Executive Officer Jed McCaleb has already sold almost 275 million XRP this month with his daily dumping of the crypto asset.
The Stellar figurehead and co-founder of payment network Ripple, since May 2, has already participated in seven outgoing transactions of 17,301,056 XRP and conducted another seven transfers of 13,398,341 XRP before completing six transfers of 10,008,592. This amounts to at least $310 million based on the current unit price of the token at the time of writing.
According to blockchain explorer XRPScan, the CEO received 442 million XRP on May 2 and has been on a daily dumping spree since then, moving the crypto out of his “Tacostand” wallet and selling them.
McCaleb’s dumping pattern
From his routine, one can ascertain a pattern that is followed by McCaleb’s daily dumping of XRP.
The CEO sells his stash of tokens in the same amount for seven days in a row, changing the size of each transaction for the next seven days, and so on.
At this rate, McCaleb is expected to sell another batch of 10,008,592 XRP on Saturday and will alter the size of his next dump for the next seven days. After all the selling transactions that were completed so far, the Stellar top honcho now has 390 million XRP on his wallet.
McCaleb’s alternative action
In 2011, McCaleb co-founded Ripple but left the company in 2014 because of internal disagreements as recalled by Ripple’s current chief technology officer David Schwartz.
Following his departure from Ripple, he immediately tried to dump all of his XRP — a move that could have made him a billionaire. The company, however, exerted efforts to stop him from doing so in order to preserve the cryptocurrency’s market value.
As an alternative, McCaleb, who still regularly receives additional batches of XRP, is entitled to continue to sell his holdings in small tranches on a daily basis.
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