- In a surprising turn of events, the cryptocurrency market has witnessed a significant development.
- A widely recognized meme coin, Pepe, surged nearly 23% today (July 16) following a substantial acquisition by the Nascent investment fund, which added 141 billion units to its holdings.
- On-chain data reveals that Nascent has been actively converting its previous crypto assets into Pepe, signaling bullish sentiment for the meme coin’s future price movements.
Pepe coin soars by nearly 23% as Nascent investment fund makes a massive purchase, reflecting a bullish outlook for the cryptocurrency’s future.
Nascent’s Major Acquisition of Pepe Coin
The investment firm Nascent has notably expanded its portfolio, acquiring 141 billion Pepe coins. On-chain data from Lookonchain indicates that Nascent exchanged its MKR holdings for both Pepe and LDO tokens. Specifically, the firm transferred 1,215 MKR (worth approximately $3.41 million) to Binance and subsequently purchased 141.23 billion Pepe coins (valued at $1.57 million) alongside 281,000 LDO tokens (valued at $503,000). As a result, Nascent now holds a substantial total of 608.85 billion Pepe coins, valued at approximately $7.49 million. This significant investment underscores the firm’s confidence in Pepe’s potential for further gains.
Historical Context and Current Price Movements
During the bull market of 2023, Pepe coin achieved its all-time high at $0.00001718. Despite recent market corrections that saw the price drop to $0.000007, the coin has shown remarkable resilience. As of today, Pepe has regained momentum, surpassing the $0.00001 mark to reach $0.00001201, reflecting a 23.42% increase. The coin’s 24-hour trading range spanned from $0.000009399 to $0.00001251.
Market Dynamics and Future Outlook
The recent price surge in Pepe coincides with the significant buying pressure introduced by Nascent’s acquisition. According to data from Coinglass, the derivative markets for Pepe indicate a bullish trend. The open interest (OI) for Pepe’s futures contracts rose by 23.19% to $144.78 million, while derivative trading volume surged by 178.66%, reaching $3.24 billion. These metrics suggest growing investor interest in the asset, painting an optimistic picture for its future price trajectory. Additionally, the Relative Strength Index (RSI) stands at 58, indicating a generally neutral but slightly bullish market sentiment. This environment could pave the way for further upward movement in Pepe’s value.
Conclusion
To summarize, the substantial investment by Nascent in Pepe coin signifies a strong vote of confidence in its potential for future gains. The cryptocurrency has shown resilience and bullish momentum, further supported by rising interest in derivative markets. However, given the inherently volatile nature of the crypto market, investors are advised to continue monitoring Pepe closely. Stay informed by following us on Twitter, Facebook, and Instagram, and join our communities on Telegram and YouTube for the latest updates.
