The cryptocurrency market witnessed an unexpected development. Pepe, the popular frog-themed meme coin, gained almost 23% today (July 16) with investment fund Nascent’s massive holdings of 141 billion. On-chain data reveals that Nascent has shown intense interest in Pepe by exchanging previous crypto assets. This creates an optimistic perspective on the future price movements of the meme coin in question. Let’s take a closer look at current market statistics and what they mean for future price movements.
Nascent adds $141 million worth of meme coin to its portfolio
According to on-chain data provided by Lookonchain, Nascent swapped its MKR holdings for PEPE and LDO tokens today. The investment fund transferred 1,215 MKR worth $3.41 million to Binance. He purchased 141.23 billion PEPE tokens worth $1.57 million and 281 thousand LDO tokens worth $503 thousand from the same crypto exchange. With this accumulation, Nascent now holds a total of 608.85 billion PEPE tokens worth $7.49 million. This massive purchase underscores the investment fund’s confidence in the potential for further gains in Pepe, one of the leading meme coins.
It is worth noting that during the bull market of 2023, Pepe coin reached an all-time high of $0.00001718. Despite dropping to $0.000007 due to recent market corrections, the coin has shown remarkable resilience. Today, it once again gained significant upward momentum and exceeded zero, reaching the level of $0.00001.
PEPE price is on the rise
As of the date of writing, the PEPE price increased by 23.42% and reached $0.00001201. Meme coin’s 24-hour low and high were $0.000009399 and $0.00001251 respectively. Pepe coin’s recent price increase coincides with significant buying pressure brought to the asset by Nascent. Additionally, derivatives market data provided by Coinglass points to an uptrend for the meme coin. PEPE’s futures open interest (OI) increased by 23.19% today to $144.78 million. In parallel, the derivative volume increased by 178.66% and reached 3.24 billion dollars.
This data shows increasing investor interest in the asset and, combined with today’s massive accumulation, paints an optimistic picture for future movements. In addition, the RSI indicator is at 58, indicating that the market is generally neutral but in a slightly upward trend. This could pave the way for more buying, leading to further appreciation of the frog-themed meme coin. However, given the volatility of the cryptocurrency market, cryptocurrency market enthusiasts continue to follow the token closely.
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