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Pepe Surges 23% After VC Buys 141B Tokens
#PEPE $PEPE #memecoin #PepeCoin

Pepe gained nearly 23% today, July 16, driven by a substantial purchase from a venture capital firm. The 141 billion PEPE accumulation has sparked optimism about the coin's future.

VC Buys 141 Billion Pepe

On-chain insights from Lookonchain revealed that Nascent, a venture capital firm, swapped its Maker (MKR) holdings for PEPE and LDO tokens. Nascent moved 1,215 MKR, worth $3.41 million, to Binance. In return, it accumulated 141.23 billion PEPE, worth $1.57 million, and 281,000 LDO, worth $503,000.

With this significant purchase, Nascent now holds 608.85 billion PEPE, valued at $7.49 million. This large holding shows the VC's confidence in Pepe coin’s potential for future gains.

Pepe Coin's Market Performance

Pepe coin reached an all-time high of $0.00001718 during this year's bull market. Despite market corrections that lowered its price to $0.000007, the coin has shown resilience. Today, it climbed to $0.00001201, gaining significant momentum and surpassing the $0.00001 mark.

Market Indicators and Future Prospects

At press time, Pepe coin's price rallied 23.42% to $0.00001201. The 24-hour low and high were $0.000009399 and $0.00001251, respectively. This surge aligns with the buying pressure from Nascent.

Data from Coinglass indicates a positive trend for Pepe coin. The futures open interest (OI) rose 23.19% to $144.78 million, and derivatives volume surged 178.66% to $3.24 billion. These figures suggest increased investor interest and a potential for further price gains.

The Relative Strength Index (RSI) moved to around 58, indicating market neutrality with a slight bullish trend. This could pave the way for more potential buying and further gains for the frog-themed meme coin.

However, given the crypto market's volatility, investors remain watchful for further shifts in Pepe coin's value.