VC Purchase Propels Pepe Coin 23% Surge: What’s Next?

Pepe Coin Surges 23% on Nascent's Massive Purchase

On July 16, Pepe coin rallied nearly 23% following a substantial purchase of 141 billion PEPE tokens by venture capital firm Nascent. On-chain data reveals that Nascent acquired these tokens during a price surge, primarily through exchanging other crypto holdings.

This move has sparked optimism regarding the future price trajectory of the frog-themed meme coin.

Nascent's Accumulation Fuels Optimism

According to Lookonchain's on-chain insights, Nascent swapped its MKR tokens for PEPE and LDO tokens. The firm exchanged $3.41 million worth of MKR for $1.57 million worth of PEPE and $503K worth of LDO on Binance.

This acquisition brings Nascent's total PEPE holdings to a significant 608.85 billion PEPE, valued at $7.49 million. This substantial investment underscores the firm's confidence in the meme coin's potential for growth.

Pepe Coin's Resilience and Rally

During this year's bull market, Pepe coin reached an all-time high of $0.00001718. Despite recent market corrections that pushed its value down to as low as $0.000007, the coin has shown resilience. On July 16, it rallied significantly, reaching the $0.00001 price level.

Bullish Market Indicators and Sentiment

At press time, PEPE coin has surged 23.42% to $0.00001201. Over the past 24 hours, it has fluctuated between a low of $0.000009399 and a high of $0.00001251.

Nascent's substantial purchase aligns with this upward momentum. Data from Coinglass also indicates a bullish trend, with PEPE's futures open interest increasing by 23.19% and trading volume by 178.66%. This suggests growing investor interest and optimism about PEPE's future.

Moreover, the Relative Strength Index (RSI) hovers around 58, indicating market neutrality with a slight bullish bias. If this trend continues, Pepe coin may experience further gains.

Despite the current optimism, cryptocurrency enthusiasts remain cautious, acknowledging the inherent volatility of the crypto market.