Pepe gained nearly 23% today, July 16, driven by a substantial purchase from a venture capital firm. The 141 billion PEPE accumulation has sparked optimism about the coin’s future.
VC Buys 141 Billion Pepe
On-chain insights from Lookonchain revealed that Nascent, a venture capital firm, swapped its Maker (MKR) holdings for PEPE and LDO tokens. Nascent moved 1,215 MKR, worth $3.41 million, to Binance. In return, it accumulated 141.23 billion PEPE, worth $1.57 million, and 281,000 LDO, worth $503,000.
With this significant purchase, Nascent now holds 608.85 billion PEPE, valued at $7.49 million. This large holding shows the VC’s confidence in Pepe coin’s potential for future gains.
Pepe Coin’s Market Performance
Pepe coin reached an all-time high of $0.00001718 during this year’s bull market. Despite market corrections that lowered its price to $0.000007, the coin has shown resilience. Today, it climbed to $0.00001201, gaining significant momentum and surpassing the $0.00001 mark.
Market Indicators and Future Prospects
At press time, Pepe coin’s price rallied 23.42% to $0.00001201. The 24-hour low and high were $0.000009399 and $0.00001251, respectively. This surge aligns with the buying pressure from Nascent.
Data from Coinglass indicates a positive trend for Pepe coin. The futures open interest (OI) rose 23.19% to $144.78 million, and derivatives volume surged 178.66% to $3.24 billion. These figures suggest increased investor interest and a potential for further price gains.
The Relative Strength Index (RSI) moved to around 58, indicating market neutrality with a slight bullish trend. This could pave the way for more potential buying and further gains for the frog-themed meme coin.
However, given the crypto market’s volatility, investors remain watchful for further shifts in Pepe coin’s value.
