Former Ripple Labs founder Jed McCaleb is nearing the end of his eight-year XRP dump marathon, with only 81.53 million XRP (worth $26.55 million), remaining in his wallet’s balance.
According to Jed Balance, a website tracking his XRP holdings, McCaleb’s wallet name “tacostand” has been shedding an average of 4.06 million XRP over the last month but has ramped up daily transfers to 7.34 million XRP (worth $2.39 million), since Sunday, June 26.
At the current rate of selling his wallet may be depleted within the next two to three weeks to the delight of the crypto community.
On Wednesday, Mason Versluis, a tik tok influencer and youtuber known as Crypto Mason shared the news to his 115,000 followers on Twitter, highlighting that 22 million of XRP has been released in the past three days.
Jed McCaleb has 81,527,488 $XRP remaining!
22,007,874 $XRP has been released in the past 3 days. pic.twitter.com/tqjvOIGj68
— MASON VERSLUIS (@MasonVersluis) June 29, 2022
On Wednesday, a parody account of McCaleb with 4,500 followers who describes themselves as “Definitely not the real Jed” posted a photo in front of an eatery called “The Taco Stand”, saying “Almost there.”
Almost there pic.twitter.com/SdstUD4Kzc
— Jed McCaleb (@JedMccaleb12) June 29, 2022
The former Ripple executive has been methodically selling off chunks of his once nine-billion-strong XRP holdings since he left the company in 2014.
McCaleb was part of the
XRP’s price rebounded nearly 30% on June 24, four days after rebounding from $0.28, its lowest level since January 2021. Analysis from Cointelegraph noted that the token’s retracement rally could extend to $0.41 next.