Early-stage investment firm, Nascent, has reportedly bagged a substantial amount of Pepe memecoin, up to the tune of $141 billion amid an ongoing price rally.
Nascent Bags Pepe Coin, Signaling Growing Confidence in Memecoin Rally
Early-stage investment firm Nascent has reportedly acquired a substantial amount of Pepe memecoin, according to on-chain transaction trackers. This move comes amid a broader price rally for the popular memecoin.
Nascent, a Canada-based venture capital company, exchanged some of its other cryptocurrency holdings for PEPE and the USDT stablecoin, as shown by the on-chain transaction details.
The company deposited 1,215 MKR tokens, valued at around $3.41 million at the time, into Binance, the world's largest crypto exchange by trading volume. Following this, Nascent withdrew 141.23 billion PEPE tokens, worth approximately $1.57 million, from the exchange.
Later on, about 281,000 LDO coins, valued at $503,000, and 3.4 million USDT were withdrawn by the company from an unknown exchange wallet.
After this transaction, Nascent now holds 608.85 billion PEPE, according to the data, which is valued at $7.49 million at current prices.
A large withdrawal from an exchange to a wallet is typically indicative of accumulation, suggesting that the entity is bullish on the future price trajectory of the particular project.
Pepe Coin Surges 24% as Accumulation Continues
The on-chain transaction trackers also highlighted that PEPE joined the global crypto market rally on Sunday, surging as much as 24% in the 24 hours.
The memecoin is now trading at around $0.00001217, showing a sharp increase from Friday's price of about $0.000009414.
notably, PEPE has ranged between lows of $0.000009414 and highs of $0.00001244 in the past 24 hours and between $0.00008377 and $0.00001232 in the past seven days.
Chart: PEPE price 24 hour and 7 day highs and lows. Source: CoinGecko
Moreover, the memecoin has seen a 31.44% increase in its price over the last week, trading at $0.00001217, while it has risen by 1.21% over the last 30 days.
Meanwhile, futures Open Interest (OI) for PEPE has increased by 23.19% to $144.78 million, and derivative volume has surged by 178.66% to $3.24 billion, indicating strong investor interest in the memecoin, according to CoinGlass data.
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