Former Chief Technology Officer (CTO) of Ripple, Jed McCaleb, “taco stand” wallet will now no longer get funded by the blockchain company Ripple.
Per the screenshot, a total of 709,911 million XRP is still left to dump from McCaleb’s wallet, worth about $880 million at the current time. A year ago, it had 4 billion XRP. While the wallet that funds "taco stand" now amounts to zero.
In the past 19 hours, Whale Alert, a crypto analytics platform, shared that the blockchain behemoth just made two large XRP transactions, one of which was sent to Jed McCaleb’s wallet.
While the first transaction involved Ripple’s most frequently used wallet - RL18-VN - used often for transferring XRP tokens outside the company such as crypto exchanges or financial institutions. The second transaction involved over 175 million XRP sent to the taco stand wallet.
A total amount of 174,862,720 XRP worth $210,051,020 was involved in the two large transactions.
On Aug. 16, McCaleb's wallet contained 821 million remaining XRP tokens. Since then, Jed has sold 112 million coins, according to data from XRPscan. Based on forecasts from the jed.tequ.dev, Jed is likely to sell all of his XRP by December or January 2022 depending on the weekly and monthly scale of his XRP sales.
Jed McCaleb is one of the co-founders of Ripple and was the company's first chief technology officer, but stayed on in that position for only about a year. After a fall-out with Ripple leaders, he went on to create the Stellar Development Foundation, which supports the growth of the Stellar network.
XRP is currently trading at $1.28, up 7.2% over the past 24 hours, according to data from CoinMarketCap.