Pepe With a Major Surge After a Significant VC Purchase

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.