Famous venture capitalist bought a lot of this meme coin: price exploded!

The cryptocurrency market witnessed an unexpected development. Pepe, the popular frog-themed meme coin, gained nearly 23% today (July 16) with the massive holdings of 141 billion from the Nascent investment fund. On-chain data shows that Nascent has shown a lot of 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 the current market statistics and what they mean for future price movements.

Nascent expands its portfolio with meme coins worth $141 million

According to on-chain data from 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. It purchased 141.23 billion PEPE tokens worth $1.57 million and 281,000 LDO tokens worth $503,000 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 the Pepe coin reached an all-time high of $0.00001718 during the bull market of 2023. Although it fell to $0.000007 due to the recent market corrections, the coin has shown remarkable resilience. Today, it again gained significant bullish momentum and crossed the zero, reaching the $0.00001 level.

The PEPE price is rising

At the time of writing, PEPE price has increased by 23.42% to reach $0.00001201. The meme coin’s 24-hour low and high were $0.000009399 and $0.00001251, respectively. The recent price increase of Pepe coin coincides with the significant buying pressure that Nascent has been exerting on the asset. Furthermore, derivatives market data provided by Coinglass suggests a bullish trend for the meme coin. PEPE’s futures open interest (OI) increased by 23.19% today to $144.78 million. In parallel, derivatives volume increased by 178.66% to reach $3.24 billion.

This data shows increasing investor interest in the asset and, combined with today’s massive accumulation, paints a bullish picture for future developments. Furthermore, the RSI indicator is at 58, suggesting that the market is generally neutral but in a slightly uptrend. This could pave the way for more buying and lead to further appreciation of the frog-themed meme coin. However, given the volatility of the cryptocurrency market, cryptocurrency market enthusiasts continue to closely follow the token.

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