In an unprecedented turn of events, 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. This event has projected a ray of optimism on the frog-themed meme coin’s future price movements. So, let’s delve deeper into the current market statistics and what it means for the price action ahead.

Nascent Swaps Holding For 141B Pepe Coin

As per on-chain insights offered by Lookonchain, 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.

Also Read: Pepe Coin Whale Dumps 9T PEPE; Token Price Down By 14% WoW

PEPE Price Rallies

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. Should this happen, the frog-themed meme coin could witness further gains.

However, crypto market enthusiasts continue to eye the token for further shifts, given the volatility of the crypto realm.

Also Read: 3 Reasons Pepe, Dogwifhat on the Cusp of Leading Meme Coin Super Cycle

The post Pepe Coin Skyrockets 23% As VC Buys 141 Bln PEPE, What’s Next? appeared first on CoinGape.

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Filed under: News - @ July 16, 2024 7:17 am