Today, July 16, Pepe coin surged by nearly 23% as a venture capital (VC) firm created a massive PEPE backlog of 141 billion. On-chain data shows that venture capital firm Nascent heavily purchased the Pepe coin, replacing previous crypto holdings during the price increase. This offered a positive sign for the future price movements of the frog-themed meme coin.

Let's examine the current market statistics and what they mean for future price movements. According to data provided by Lookonchain, Nascent swapped its MakerDAO (MKR) positions for PEPE and LDO tokens today. Notably, the VC firm shifted 1,215 MKR worth $3.41 million to Binance. In contrast, it accumulated 141.23 billion PEPE worth $1.57 million and 281 thousand LDO worth $503 thousand from the same exchange.

With this accumulation, Nascent had 608.85 billion PEPE worth a total of 7.49 million dollars. This large amount shows that the VC firm is confident in the future earnings potential of one of the most popular meme coins. Pepe coin rose to an all-time high of $0.00001718 during this year's bull cycle. Although it dropped as low as $0.000007 during the recent market correction, it has shown significant resistance. Today, it rallied again to reach the $0.00001 level.

Pepe Coin Price Rallies$PEPE


At the time of writing, the PEPE price was up 23.42% to $0.00001201. The lowest and highest values ​​of Meme coin in the last 24 hours were determined as 0.000009399 and 0.00001251 dollars, respectively. Pepe coin's price increase parallels Nascent's significant buying pressure on the asset. Additionally, derivatives market data from Coinglass also points to an uptrend for the meme coin.

PEPE's futures open position (OI) increased by 23.19% to $144.78 million today, while derivative volume increased by 178.66% to $3.24 billion. This data shows that investor interest in the asset is increasing, and when combined with this large accumulation, it offers an optimistic outlook for future movements.

Additionally, the RSI value is moving around 58, indicating a slight uptrend and offering more potential buying opportunities. If this situation continues, the frog-themed meme coin could gain even more. However, considering the crypto market, it is important to continue monitoring PEPE's future movements.

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