Master Ventures, a blockchain-focused venture studio and fund, has reportedly sold all of its holdings in three popular meme tokens: PEPE, WOJAK and SPONGE.
Master Ventures Sells All Assets in Three Meme Tokens
The first transaction involved the sale of 352 billion PEPE tokens for $770,000 at a price of $0.000002185 per token. This transaction resulted in a profit of approximately $470,000 for Master Ventures.
The second transaction involved selling 423 million WOJAK tokens for 194,000 USDT at a price of $0.0004597 per token. This resulted in a profit of approximately $34,000 for the fund.
The third and final transaction involved the sale of 15 million SPONGE tokens for 15,663 USDT at $0.001048 per token. This transaction resulted in a profit of approximately $10,000 for Master Ventures.
The total profit from the three transactions was approximately $514,000.
The reason behind the fund's decision to abandon meme tokens is unclear. However, some speculation thinks this may be due to the recent market volatility and regulatory uncertainty surrounding cryptocurrencies.
However, especially the price drops in the PEPE token came after its listing on Binance. This is particularly attributed to the fact that some institutional investors receive dividends from their meme token investments after Binance listing.
*Not investment advice.
