As a seasoned researcher with a background in crypto markets and meme coins, I’ve witnessed the PEPE meme coin’s remarkable journey from its humble beginnings to its current status as a significant player in the cryptocurrency world. The recent surge of 23% in PEPE’s price, fueled by Nascent’s strategic investment of $1.57 million, has caught my attention.
In the midst of a reviving cryptocurrency market, PEPE, the widely-used meme coin, experienced a notable increase of approximately 23% today. This uptick comes after Nascent, a prominent venture capital group, made a significant acquisition of 141 billion PEPE tokens.
As an analyst, I have examined the on-chain data provided by Lookonchain and discovered that Nascent shrewdly obtained PEPE during its price surge, exchanging their earlier crypto assets. Currently, Nasvent’s entire PEPE holdings amount to 608.85 billion tokens, equivalent to approximately $7.5 million in value.
On Tuesday, Nascent transferred approximately $3.41 million worth of MKR tokens to Binance and received in exchange around 141.23 billion PEPE tokens valued at about $1.57 million, as well as 281,000 LDO tokens with a market value of roughly $503,000.
PEPE’s Success Story
PEPE’s record-breaking price peak for its meme coin was reached at $0.00001718 during May this year. Following market adjustments that caused a decline to $0.000007, PEPE demonstrated tenacity and rebounded to the current level of $0.00001166. The widely-used meme coin has experienced a significant increase of over 600% in value within the past year.
In the last 24 hours, PEPE experienced a significant gain of 24%. At present, its market capitalization amounts to a substantial $4.9 billion. The trading activity for this token has notably escalated by over 130% within the same timeframe. Moreover, an uptick of 23.19% was observed in PEPE’s futures open interest, reaching $144.78 million today. Additionally, there was a considerable surge of 178.66% in its derivatives volume, resulting in a total of $3.24 billion.
As an analyst, I’ve observed a significant surge in the popularity of memecoins during the first half of 2024. This trend has gained even more traction with high-profile endorsements from industry leaders like Mike Novogratz, CEO of Galaxy Digital. In response to this growing success, Crypto.com announced a generous giveaway worth one million dollars for its US users. By participating in this event, users stand a chance to win up to $25,000 in PEPE memecoins.
Just like Binance, Binance has incorporated PEPE into its Binance Pay incentive scheme, granting users the opportunity to potentially earn 100 million PEPE tokens by transferring a mere $0.01 worth of cryptocurrency.
In recent days, the broader cryptocurrency market has gained significant momentum, driven by growing optimism about a crypto-friendly administration under President Trump. Consequently, Bitcoin has surged by nearly 10%, currently priced at approximately $63,000. Similarly, Ether has seen its value rise by around the same percentage, trading at roughly $3,400.
Today, there were significant price jumps for certain meme coins in the market. Dogwifhat (WIF) and Floki Inu (FLOKI) experienced noteworthy gains. Specifically, WIF experienced a 20% price hike, while FLOKI saw its price rise by 16% within the last day.
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2024-07-16 13:54