The meme-based crypto Pepe coin (PEPE) shot up by 23% on July 16th. This big jump came after Nascent, a well-known venture capital firm, bought 141 billion PEPE tokens.
LookOnChain’s on-chain info shows Nascent swapped $3.41 million of MKR tokens for 141.23 billion PEPE and 281,000 LDO tokens on Binance. This move means Nascent now has 608.85 billion PEPE worth $7.49 million.
Nascent(@nascentxyz) swapped $MKR positions for $PEPE and $LDO.
Nascent deposited 1,215 $MKR($3.41M) to #Binance 6 hours ago and then withdrew 141.23B $PEPE($1.57M), 281K $LDO($503K) and 3.4M $USDT from $Binance.
Nascent currently holds 608.85B $PEPE($7.49M).… pic.twitter.com/Sx1WyGFqt7
— Lookonchain (@lookonchain) July 16, 2024
PEPE’s Strength and Record-High
Pepe coin’s latest jump is impressive when you look at how well it’s done in this year’s bull run. The token hit a new record of $0.00001718, showing it can bounce back from market dips that once pushed it down to $0.000007. Today’s boost has sent the Pepe coin price to $0.00001178, making it clear that it’s a big player in the meme coin world.
The info on derivatives from Coinglass looks good for Pepe coin’s price in the future. The coin’s futures open interest (OI) increased by 17.48% to $134.2 million. Also, the amount of derivatives trading jumped by 216.89% to $3.91 billion. This big increase in derivatives shows that more people are interested in the meme coin and think it’ll do well.
Pepe coin’s Relative Strength Index (RSI) is now around 58, showing a neutral market with a slight push towards buying. This suggests more traders might accumulate the coin, which could increase the frog-themed token’s price even more.
Careful Hope in a Shaky Crypto World
Even though things look good for Pepe coin, the crypto world can change abruptly. Investors need to watch the token closely and be ready for possible changes in the market.
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