Meme Coin PEPE Skyrockets 23% After Nascent Ventures Buys $7.5M Worth of Tokens

The meme-based crypto Pepe coin (PEPE) shot up by 23% on July 16th. This big jump came after Nascent, a well-known venture capital firm, bought 141 billion PEPE tokens.

Nascent, a venture capital firm, purchased 141 billion PEPE tokens on July 16th, following an impressive 23% surge in the meme-based crypto.

According to on-chain data from LookOnChain, Nascent swapped 1,215 MKR tokens, valued at $3.41 million, for the vast quantity of PEPE and an additional 281,000 LDO tokens on Binance.

nascentxyz,nascent Nascent, a venture capital fund, purchased a large amount of $PEPE and $LDO tokens. Nascent deposited 1,215 $MKR (>$3.41M) to #Binance 6 hours ago and then withdrew 141.23B $PEPE (>$1.57M), 281K $LDO (>$503K) and 3.4M $USDT. Nascent currently holds 608.85B $PEPE (>$7.49M).

Nascent now holds 608.85 billion PEPE, valued at $7.49 million, as a result of this transaction.

PEPE's Strength and Record-Highs

Pepe coin's latest surge is noteworthy considering its remarkable performance during this year's bull run. The token's price reached a new record of $0.00001718, showcasing its resilience after bouncing back from market dips that once pushed it down to $0.000007.

With today's boost, the Pepe coin price stands at $0.00001178, solidifying its status as a major player within the meme coin landscape.

According to derivatives data from Coinglass, the outlook appears promising for Pepe coin's future price movements. The coin's futures open interest (OI) surged by 17.48% to reach $134.2 million, while the derivatives trading volume also skyrocketed by 216.89% to reach $3.91 billion.

This substantial increase in derivatives activity suggests that a growing number of individuals are expressing interest in the meme coin and anticipate its continued rally.

Pepe coin's Relative Strength Index (RSI) currently hovers around 58, indicating a neutral market with a slight bias towards buying. This could signal further accumulation by traders, potentially driving the frog-themed token's price even higher.

A Glimmer of Hope in a Volatile Crypto Landscape

While the outlook appears promising for Pepe coin, it's crucial to remember that the crypto landscape can be highly volatile. Investors are advised to monitor the token's performance closely and remain prepared for any potential shifts in the market.

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