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PepeCoin (PEPE) has emerged as a top-performing digital asset amid the ongoing market revival, thanks to a significant endorsement from venture capital firm Nascent. The meme cryptocurrency gained nearly 24% in the past day, fueled by substantial buying momentum from Nascent, which has strategically shifted its portfolio to capitalize on the trend.
Nascent swaps MakerDAO for PepeCoin
Latest data showed Nascent swapped MakerDAO (MKR) for PepeCoin and Lido (LDO) early Tuesday.
Nascent(@nascentxyz) swapped $MKR positions for $PEPE and $LDO.
— Lookonchain (@lookonchain) July 16, 2024
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
The venture capital company deposited $3.41 million worth of MKR (1,215 tokens) to Binance and subsequently acquired 141.23 billion PEPE, worth $1.57 million, along with $503,000 in LDO (281,000 coins).
Following this purchase, Nascent’s holdings in PepeCoin now stand at $7.49 million (608.85 billion tokens), showcasing the firm’s confidence in the meme token’s growth potential.
Meme cryptocurrencies have been leading market trends in 2024, with PEPE reaching new all-time highs.
The meme crypto market cap increased by 10% to $51.8 billion, while the overall cryptocurrency market cap grew by 0.25% to $2.31 trillion over the previous day.
This trend underscores the robust performance of themed tokens, which have outpaced other digital assets during the recent market upswing.
Current PEPE outlook
At press time, PepeCoin maintains a bullish stance, trading at $0.00001173, and appears poised for further gains.
Its daily trading volume surged by 128% to $1.83 billion, indicating strong community enthusiasm.
PEPE has turned the crucial resistance level of $0.000009 into support and now targets the next obstacle at $0.000012.
A successful breach of this resistance could trigger a 20% price increase, while a rejection might see PEPE retreating to $0.000009.
Bullish indicators for PepeCoin
Nascent’s significant investment has amplified bullish momentum for PEPE.
Additional data supports the potential for more upward movement.
PepeCoin’s futures open interest rose 23% to $144.78 million on Tuesday, while derivatives volume jumped 179% to $3.24 billion, confirming the bullish trend.
Moreover, IntoTheBlock data shows that most large PEPE holders have not sold their assets, presenting an optimistic outlook for retail investors.
Investor interest and market recovery
The unwavering interest from investors, coupled with the broader market recovery and continued whale dip-buys, paints a positive picture for PEPE’s future.
As the market sentiment remains bullish, PepeCoin is well-positioned to continue its upward trajectory in the coming sessions.
By capitalizing on the rising popularity of meme cryptocurrencies, Nascent has not only highlighted its strategic foresight but also reinforced the potential for significant gains in this niche market. As PEPE and other meme cryptos continue to perform well, the broader cryptocurrency market looks set for an exciting period of growth and innovation.
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