Pepe Coin Skyrockets 23% As VC Buys 141 Bln PEPE, What’s Next?

#BinanceTournament #Megadrop #BinanceTurns7 #SOFR_Spike #EarnFreeCrypto2024 Pepe coin rallied nearly 23% today, July 16, against the backdrop of a VC’s massive 141 billion PEPE accumulation. On-chain insights reveal that Nascent, a Venture Capital, heavily bagged Pepe coin amid its price upswing, primarily swapping its previous crypto holdings.

Nascent swapped MKR positions for PEPE and LDO tokens today. Notably, the VC shifted 1,215 MKR to Binance, worth $3.41 million. In turn, it accumulated 141.23 billion PEPE, worth $1.57 million, and 281K LDO, worth $503K, from the same crypto exchange.

With the abovementioned accumulation weighing in, Nascent currently holds a significant 608.85 billion PEPE, worth $7.49 million. The colossal holding underscored the VC’s confidence in one of the top meme coin’s potential to offer further gains.

It’s worth noting that Pepe coin soared to an all-time high of $0.00001718 during this year’s bull cycle. Despite recent market corrections that saw it drop to as low as $0.000007, the coin has shown remarkable resilience. Today, it once again gained significant upside momentum, ditching a zero to reach the $0.00001 price level.

At press time, the PEPE price rallied 23.42% to reach $0.00001201. The meme coin’s 24-hour bottoms and tops were $0.000009399 and $0.00001251, respectively.

Pepe coin’s recent price upswing falls in line with the significant buying pressure brought upon the asset by Nascent. Also, the derivatives market data by Coinglass signaled a market uptrend for the meme coin.

PEPE’s futures OI surged 23.19% to $144.78 million today, further accompanied by a derivatives volume upsurge of 178.66% to $3.24 billion. This data indicates increased investor interest in the asset, further adding an optimistic tint on future movements when coupled with today’s massive accumulation

Moreover, the RSI moved along the 58 mark, hinting at broader market neutrality for the asset with a slight bullish presence, paving the way for more potential buying