Investors move millions of PEPE and LDO, Is this a bullish signal or what?

Following the attack on former United States President Donald Trump, the overall sentiment in the cryptocurrency market has shifted towards optimism. On July 16, 2024, the market experienced an upswing of 4.6% over the previous 24 hours.

Nascent, a firm that supports early-stage crypto projects, has taken a long position in two Ethereum-based altcoins: Pepe (PEPE) and Lido (LDO). According to Lookonchain, an on-chain analytics provider, Nascent has exchanged Maker (MKR) for PEPE and LDO tokens.

Nascent deposited 1,215 MKR tokens, valued at approximately $3.41 million, on Binance, the world's largest cryptocurrency exchange. Subsequently, the firm withdrew 141.23 billion PEPE tokens ($1.57 million), 281,000 LDO tokens ($503,000), and $3.4 million USDT from the platform.

This move signals Nascent's confidence in Ethereum-based altcoins, particularly amid the potential approval of exchange-traded funds (ETFs) in the United States. Nascent's current holdings of PEPE now stand at 608.85 million tokens, worth approximately $7.49 million.

Following the withdrawals, the price of PEPE skyrocketed, experiencing a surge of over 20% and a 24% increase over the past seven days. Meanwhile, LDO traded near $1.75 and declined slightly (1.6%) in the last 24 hours, but has gained 10% over the past seven days.

The current market sentiment remains bullish, with traders investing heavily in cryptocurrencies and altcoins. ETF traders have also expressed confidence in Bitcoin, with inflows exceeding $301 million on July 15, 2024. This continuous inflow reflects strong trader sentiment following a period of weakness.

Other major altcoins, including Ethereum (ETH), BNB (BNB), and Solana (SOL), have also experienced significant price increases, ranging from 9% to 11% over the past week.