Pepe Coin Surges 23% as VC Buys 141 Billion Tokens: What’s Next for PEPE?

Pepe Coin Surges with 23% Jump, Reclaiming $5 Billion Market Cap

Pepe coin experienced a significant surge today, skyrocketing by 23% to reach its highest point in July. This upswing brings its weekly gains to an impressive 33%, while the market has witnessed a $5 billion decline.

Nascent's Acquisition Fuels Market Cap Growth

Venture capital firm Nascent made a notable contribution to this growth by acquiring a substantial amount of PEPE coins, amounting to 141 billion. This move involved converting a majority of its crypto holdings to the meme coin, resulting in a 136% increase in the market capitalization.

Impressive Surge in Meme Coin Performance

Pepe coin has emerged as a standout performer over the past 24 hours, with its frog-themed meme coin surging over 20%. This surge has enabled it to regain the $5 billion market cap threshold, marking the first time since the beginning of the month.

At the peak of its intra-day high, PEPE reached $0.0000125, expanding its market cap to $5.26 billion. This uptrend represents the highest trading level since July 1.

Trading Volume Indicates Strong Investor Support

The meme coin's momentum has since moderated, currently trading at $0.00001226. However, this remains 18% higher compared to 24 hours earlier, making it the third-highest gainer among the top 100 coins, trailing only Worldcoin and CORE. On the weekly chart, the token has recorded a growth of 36%.

The robust trading volume indicates unwavering investor support for the third-largest meme coin in the market. In the past day, it reached $2.328 billion, surpassing even BNB, despite the latter having a market cap 17 times larger.

Analysts Anticipate Potential ATH Retest

Despite the impressive gains, Pepe still trades 28% below its all-time high of $0.0000172, which it achieved less than two months ago. Some analysts, including Crypto God John, speculate that the token may be poised to retest its previous ATH during the ongoing rally.

Bullish Phase Indicates New Heights

Another analyst, NFT Davie, suggests that the meme coin has broken free from its previous downtrend channels. As a result, they predict a new bullish phase that could lead to unprecedented gains.

Nascent's Significant PEPE Acquisition

As Pepe's trading volume surged past BNB and other meme coins, blockchain analysis revealed that one entity had accumulated a substantial amount of the token. Wallets belonging to VC fund Nascent had acquired 141.23 billion PEPE, valued at over $1.5 million. This transaction involved converting 1,215 MKR tokens to Binance, which they then sold for $3.41 million and invested in PEPE and LDO tokens. Nascent now holds more than 600 billion PEPE tokens, worth approximately $7.5 million.

Analysts Project Further Gains

Analysts maintain an optimistic outlook for the meme coin, anticipating further growth amidst a wider resurgence in the meme coin market. Crypto exchange Changelly predicts a 40% surge over the next ten days, with a potential for doubling its price to $0.00002427 by August 4. Ten days later, the exchange forecasts a remarkable 250% increase, reaching a trading price of $0.00004192.

Another analyst supports this bullish thesis, noting that the token has been trading on a descending pattern since May. Its recent breakout from this pattern suggests the potential for a sharp surge over the next two weeks.