Following the attack on United States former President Donald Trump, the overall sentiment in the cryptocurrency market changed and turned bullish. Whereas, on July 16, 2024, the crypto market experienced an upside momentum of over 4.6% in the last 24 hours. Amid this positive trend, Nascent a firm that backs early-stage crypto projects recently made a long position in two Ethereum-based altcoins Pepe (PEPE) and Lido (LDO).
Nascent long on PEPE and LDO
According to an on-chain analytic firm Lookonchain, Nascent has swapped Maker (MKR) for PEPE and LDO tokens. In the post on X, Lookonchain shared that Nascent has deposited 1,215 MKR tokens worth $3.41 million to Binance, the world’s biggest cryptocurrency exchange.
Nascent(@nascentxyz) swapped $MKR positions for $PEPE and $LDO.Nascent deposited 1,215 $MKR($3.41M) to #Binance 6 hours ago and then withdrew 141.23B $PEPE($1.57M), 281K $LDO($503K) and 3.4M $USDT from $Binance.Nascent currently holds 608.85B $PEPE($7.49M).… pic.twitter.com/Sx1WyGFqt7
— Lookonchain (@lookonchain) July 16, 2024
Following this massive MKR deposit, Nascent withdrew 141.23 billion PEPE tokens worth $1.57 million, 281,000 LDO tokens worth $503K, and $3.4 million USDT from Binance. This massive withdrawal from Binance signals Nascent’s interest and confidence in Ethereum-based altcoins amid its potential Exchange Traded Funds approval in the United States.
With the current 141.23 billion PEPE withdrawal, Nascent current PEPE holding soars to 608.85 million worth $7.49 million.
After this massive altcoin withdrawal, the PEPE token price skyrocketed. According to coinmarketcap, PEPE has experienced a massive price surge of over 20%. Whereas, in the last 7 days, it has surged more than 24%. Additionally, the massive price surge occurred following the attack on Trump.
On the other hand, LDO is currently trading near $1.75 and has experienced a price drop of 1.6% in the last 24 hours. Whereas, it has experienced a price surge of 10% in the last 7 days.
Current market conditions and investors’ interest
The current market sentiment is bullish, and traders are now making big bets on top cryptocurrencies and altcoins. ETF traders also show confidence in Bitcoin, with the ETF market experiencing a net inflow of over $301 million on July 15, 2024.
This massive inflow has kept the ETF market in the green for seven consecutive trading days, with the highest inflow occurring on July 14, 2024, at $310 million. This continuous inflow in the ETF market signals strong trader confidence, following a month of being in the red.
Apart from ETF inflows, other top altcoins including Ethereum (ETH), BNB (BNB), and Solana (SOL) also experienced a massive price surge of 11%, 10.5%, and 9% respectively in the last 7 days.
