The Pepe meme coin (PEPE) has witnessed a remarkable 24% surge in its value, largely attributed to a substantial acquisition of 141 billion PEPE tokens by Nascent, a prominent venture capital firm. This significant purchase has fueled investor confidence and propelled the meme coin to new heights.
According to on-chain data from Lookonchain, Nascent strategically acquired PEPE during its price upswing, exchanging some of its existing crypto holdings to amass a considerable amount of the meme coin. With this latest acquisition, the venture capital firm's total PEPE holdings have reached an impressive 608.85 billion tokens, currently valued at approximately $7.5 million.
Early on Tuesday, Nascent transferred 1,215 Maker (MKR) tokens, valued at $3.41 million, to Binance, the largest cryptocurrency exchange by trading volume. In return, Nascent purchased 141.23 billion PEPE tokens, worth $1.57 million, along with 281,000 Lido DAO (LDO) tokens, valued at $503,000.
The surge in PEPE's value comes amidst a broader trend of growing interest in meme coins in the first half of 2024. Influential figures like Galaxy Digital CEO Mike Novogratz have expressed support for the asset category, further contributing to the rising popularity of meme coins like PEPE.
As of now, PEPE boasts a market cap of $4.9 billion, and its trading volume has surged by over 130% in the past day. Furthermore, PEPE's futures open interest has experienced a 23.19% increase to $144.78 million today. Derivatives volume has also seen a notable rise, up by 178.66% to $3.24 billion.
PEPE's success story is not limited to the recent surge. The popular meme coin has seen an impressive increase of over 600% in the past year. This remarkable growth, coupled with the recent price surge following Nascent's purchase, solidifies PEPE's position as a major player in the meme coin market.
It remains to be seen whether PEPE's momentum will continue in the long run. However, the recent developments indicate a strong and growing interest in the meme coin, driven by both retail and institutional investors. As the meme coin market continues to evolve, PEPE is poised to play a significant role in shaping its future.
July 2024, Cryptoniteuae