Pepe Coin Skyrockets 23% As VC Buys 141 Bln PEPE, What’s Next?

Pepe Coin Surges 23% After VC Accumulates 141 Billion Tokens

In a remarkable market development, Pepe coin experienced a significant rally of 23% on July 16, fueled by a massive accumulation of 141 billion PEPE tokens by venture capital firm Nascent.

Nascent's Massive Pepe Coin Purchase

On-chain data from Lookonchain reveals that Nascent strategically swapped $3.41 million worth of MKR tokens for PEPE and LDO tokens. This accumulation resulted in Nascent holding a substantial 608.85 billion PEPE, valued at $7.49 million.

Pepe Coin's Resilience and Upside Potential

Despite recent market downturns, Pepe coin has demonstrated resilience and potential for further gains. In this year's bull cycle, it reached an all-time high of $0.00001718. Today, it regained significant momentum, rising to $0.00001.

Positive Market Sentiment

The rally comes amid increased buying pressure from Nascent and favorable market sentiment. The derivatives market indicates an uptrend, with futures OI (open interest) surging 23.19% and volume increasing by 178.66%.

Technical Analysis

The Relative Strength Index (RSI) suggests slight bullish momentum, indicating potential for further buying. This, combined with the recent accumulation, paints an optimistic outlook for Pepe coin's price action.

Market Watch

However, investors should remain vigilant and monitor the token's movements, as the crypto market remains volatile.

Original Article Credit

CoinGape