Pepe coin surged nearly 23% today, July 16, following a massive purchase of 141 billion PEPE by the venture capital firm Nascent. On-chain data shows that Nascent bought Pepe coin during its price rise, mainly by exchanging its previous crypto holdings.
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This move has sparked optimism about the future price movements of the frog-themed meme coin. Let’s take a closer look at the current market statistics and what this means for Pepe coin’s price action going forward.
Nascent’s Major PEPE Accumulation Sparks Optimism
According to on-chain insights from Lookonchain, Nascent swapped its MKR positions for PEPE and LDO tokens today. Specifically, the venture capital firm moved 1,215 MKR, worth $3.41 million, to Binance. In exchange, Nascent acquired 141.23 billion PEPE, worth $1.57 million, and 281K LDO, worth $503K, from the same exchange.
With this significant accumulation, Nascent now holds a substantial 608.85 billion PEPE, valued at $7.49 million. This large holding highlights the firm’s confidence in the meme coin’s potential for further gains.
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Pepe coin reached an all-time high of $0.00001718 during this year’s bull cycle. Despite recent market corrections that saw its value drop to as low as $0.000007, the coin has demonstrated remarkable resilience. Today, it gained significant upward momentum, reaching the $0.00001 price level.
PEPE Coin Rallies 23% Amidst Nascent’s Major Accumulation
At press time, PEPE coin surged 23.42%, reaching $0.00001201. Over the past 24 hours, the coin’s price fluctuated between a low of $0.000009399 and a high of $0.00001251.
This recent upswing aligns with the substantial buying pressure from Nascent. Additionally, derivatives market data from Coinglass indicates a bullish trend for PEPE. The coin’s futures open interest (OI) increased by 23.19% to $144.78 million, and its derivatives trading volume surged by 178.66% to $3.24 billion. This data points to heightened investor interest, reinforcing optimism about PEPE’s future movements.
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Furthermore, the Relative Strength Index (RSI) is hovering around 58, suggesting market neutrality with a slight bullish trend, which could lead to more potential buying. If this trend continues, PEPE may see further gains.
Despite the current optimism, crypto market enthusiasts remain vigilant, watching for further shifts given the inherent volatility of the cryptocurrency market.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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