Meme Coin Pepe Gains Almost 23% Today (July 16) as Investment Fund Nascent Adds $141M Worth of PEPE to Its Portfolio

The cryptocurrency market witnessed an unexpected development. Pepe, the popular frog-themed meme coin, gained almost 23% today (July 16)

Nascent, a well-known investment fund, has made a significant purchase of the popular frog-themed meme coin, Pepe (PEPE). According to on-chain data analysis, Nascent swapped a portion of its Maker (MKR) holdings for PEPE and Lido DAO (LDO) tokens. This move has sparked interest among cryptocurrency enthusiasts, who are now speculating on the future price movements of the meme coin.

As reported by Lookonchain, Nascent sold 1,215 MKR tokens, valued at $3.41 million, on the Binance exchange. Using the proceeds, the investment fund purchased 141.23 billion PEPE tokens at a total cost of $1.57 million and 281 thousand LDO tokens for $503 thousand. This brings Nascent's total PEPE holdings to 608.85 billion tokens, now valued at $7.49 million.

Notably, Pepe coin has shown impressive gains throughout 2023. During the bull market, the token reached an all-time high of $0.00001718. Despite recent market downturns, which saw PEPE drop to $0.000007, the coin has shown resilience and crossed the zero level once more on July 16.

At the time of writing, PEPE's price has risen by 23.42%, reaching $0.00001201. The meme coin's 24-hour low and high stand at $0.000009399 and $0.00001251, respectively.

As PEPE gains momentum, derivatives market data provided by Coinglass indicates an uptrend for the meme coin. Pepe coin futures open interest (OI) saw a 23.19% increase, bringing it to $144.78 million. Concurrently, the derivative volume increased substantially, reaching 3.24 billion dollars.

These figures suggest increasing investor interest in the asset, which, combined with Nascent's large accumulation, could bode well for PEPE's future movements. Moreover, the RSI indicator is situated at 58, indicating a slight upward trend in the market. This may pave the way for further buying, leading to additional appreciation of the frog-themed meme coin. However, given the inherent volatility of the cryptocurrency market, cryptocurrency enthusiasts are advised to follow the token's performance closely.

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