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

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As a seasoned cryptocurrency analyst with years of experience in deciphering market trends and on-chain data, I find today’s Pepe coin rally particularly intriguing. The 23% surge in PEPE‘s price against the backdrop of Nascent’s massive accumulation is a clear indicator that institutional investment continues to play a significant role in this meme coin’s market dynamics.

In an unexpected development on July 16, Pepe coin experienced a significant surge of approximately 23%, with Nascent Ventures, a venture capital firm, reportedly accumulating a massive 141 billion PEPE tokens during this price increase. According to on-chain data, Nascent exchanged a large portion of its earlier crypto assets for Pepe coins as the meme token’s value rose. This event has sparked renewed optimism about Pepe coin’s future price trends. Let’s explore the current market figures and their potential implications for Pepe coin’s future price fluctuations.

Nascent Swaps Holding For 141B Pepe Coin

Based on my analysis of on-chain data provided by Lookonchain, I discovered that a venture capital firm, in my role as an analyst, transferred 1,215 MKR tokens valued at approximately $3.41 million to Binance today. Simultaneously, they acquired large holdings of PEPE and LDO tokens from the same exchange. Specifically, they amassed 141.23 billion PEPE tokens, equivalent to around $1.57 million, and 281,000 LDO tokens worth approximately $503,000.

With the previously mentioned accumulation amounting to $608.85 billion in PEPE tokens, Nascent Ventures now controls a substantial sum. This equates to a value of approximately $7.49 million. The impressive stockpile highlights the venture capitalist’s faith in PEPE’s potential for additional growth.

Noteworthy is the fact that Pepe coin reached its peak price of $0.00001718 this year during the bull market. Despite experiencing corrections resulting in a low of $0.000007, the coin has demonstrated remarkable strength. Currently, it has regained momentum and surged back to the $0.00001 price level, discarding a zero in the process.

PEPE Price Rallies

At the moment of publication, PEPE‘s price surged by 23.42% to hit $0.00001201. The low and high points of PEPE within the last 24 hours were $0.000009399 and $0.00001251 respectively.

The surge in Pepe coin’s price lately aligns with the robust purchasing interest in the token spearheaded by Nascent. Additionally, data from Coinglass’ derivatives market suggests an upward trend for the meme currency.

As an analyst, I’ve noticed a significant increase in Open Interest (OI) for PEPE‘s futures contracts, which surged by 23.19% to reach $144.78 million today. Additionally, derivatives volume experienced a substantial surge of 178.66%, reaching $3.24 billion. This data suggests that investor interest in this asset has escalated, and the positive outlook is further strengthened by today’s massive accumulation of positions.

Additionally, the Relative Strength Index (RSI) of the asset hovered around the 58 level, implying a more neutral market stance with a slight tilt towards bullish sentiment. If buying pressure continues, the meme coin with a frog theme may experience additional price increases.

Enthusiasts of the crypto market keep a close watch on the token, as they anticipate potential changes due to the volatile nature of the cryptocurrency world.

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2024-07-16 10:20