Early-stage investment firm, Nascent, has reportedly bagged a substantial amount of Pepe memecoin, up to the tune of $141 billion amid an ongoing price rally. This move has caused a stir in the memecoin community, signaling growing confidence in the token. Reports show that the company exchanged some of its other crypto holdings for PEPE and the USDT stablecoin.
During this time, the price of PEPE surged as high as 24% marking the highest gains among the top memcoins by market cap. Over the past year, PEPE has jumped more than 600%. This impressive growth is a testament to the solid community and the positive sentiment behind the coin.
Nascent Increases Pepe Coin Holding
On-chain transaction tracker, Lookonchain reported this significant development on X (formerly Twitter) earlier today. According to its report, the Canada-based VC company swapped its Maker (MKR) positions for PEPE and Lido DAO (LDO).
Per Lookonchain data, Nascent deposited exactly 1,215, valued at approximately $3.41 million, to the largest crypto exchange by trade volume, Binance. Shortly after, Nascent withdrew 141.23 billion PEPE, worth $1.57 million, from the exchange. Subsequently, about 281k LDO coins, valued at $503k, and 3.4 million in USDT were removed from the exchange.
Source: Lookonchain/X
Following this transaction, Nascent now holds a staggering 608.85 billion PEPE, worth $7.49 million. A large withdrawal from an exchange to a wallet often signifies accumulation which translates to belief in the future price trajectory of the said project.
PEPE quickly gained popularity after its launch in April 2023. Within a short time, the coin rose to the position of the third-largest memecoin by market cap following Dogecoin (DOGE), and Shiba Inu (SHIB). Since then, PEPE has recorded unprecedented growth in value. In the past months, the coin has constantly featured on the top trending list on top crypto tracking platforms like CoinMarketCap. In fact, during the last bull run in May, it skyrocketed to a new all-time high of $0.00001717.
PEPE Price Movement Amid Accumulation
Meanwhile, PEPE has joined the global crypto market rally today, July 16. Over the last 24 hours, the trending memecoin has skyrocketed in value by 28.17%. Consequently, Pepe is now trading around $0.00001217.
Source: CoinMarketCap
Notably, PEPE has hovered between the lows and highs of $0.000009414 and $0.00001244 in the last 24 hours and between $0.00008377 and $0.00001232 in the last seven days. Looking at the weekly and monthly charts, the price of PEPE has surged by 31.44% and 1.21% respectively.
Also, CoinGlass paints a clear picture of the investors’ interests in PEPE. Per the data, the futures Open Interest (OI) for PEPE has seen a 23.19% increase today to $144.78 million and a derivative volume surge of 178.66% to $3.24 billion.
The post Nascent Accumulates Over 141 Billion PEPE Amid Price Surge appeared first on Coinfomania.
