Pepe coin experienced a significant 23% jump on July 16, driven by a substantial purchase from venture capital firm Nascent.
The firm bought 141 billion PEPE, worth approximately $1.57 million, after selling its MKR holdings. This move signals strong confidence in the meme coin’s potential.
Nascent’s recent actions involved trading 1,215 MKR tokens valued at $3.41 million for 141.23 billion PEPE and 281K LDO tokens through Binance.
This brings Nascent’s total PEPE holdings to 608.85 billion, valued at $7.49 million. This aggressive acquisition strategy highlights the firm’s belief in PEPE’s growth prospects.
Following this acquisition, PEPE’s price surged to $0.00001201. The coin’s value fluctuated between $0.000009399 and $0.00001251 in the past 24 hours. Market analysis from Coinglass showed a 23.19% increase in futures open interest and a 178.66% rise in derivatives volume, indicating strong investor interest.
With the RSI at 58, the market shows a slight bullish trend, suggesting potential for further price increases. However, the volatile nature of the cryptocurrency market means investors remain cautious about future movements.
Coinbase is making moves to expand its crypto derivatives offerings by filing with the US Commodity Futures Trading Commission (CFTC) to introduce futures contracts for XRP.
Retail investors are increasingly favoring XRP over Bitcoin, as Glassnode data shows a dramatic 490% increase in XRP’s daily active addresses, compared to just 10% for Bitcoin since the 2022 market low.
Fidelity Investments has moved forward with plans to launch a spot Solana Exchange-Traded Fund (ETF), with the U.S. Securities and Exchange Commission (SEC) formally acknowledging the filing.
Cryptocurrency analyst Ali Martinez has raised concerns about Ethereum’s future performance against Bitcoin, suggesting a significant decline could be on the horizon.