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PEPE saw a surge of 24% in the past 24 hours. Currently, the token boasts a market cap of $4.9 billion.
Amid a recovering situation in the cryptocurrency market, the popular PEPE meme coin rallied around 23% today. This surge follows a big purchase of 141 billion PEPE by Nascent, a venture capital firm.
On-chain data by Lookonchain reveals that Nascent smartly acquired PEPE during its price upswing, swapping its previous crypto holdings. With this acquisition, the venture capital’s total PEPE holdings now stand at 608.85 billion tokens, worth around $7.5 million.
Early on Tuesday, Nascent moved 1,215 MKR, valued at $3.41 million, to Binance. In return, it bought 141.23 billion PEPE, worth $1.57 million, along with 281,000 LDO, valued at $503,000.
PEPE’s Success Story
The PEPE meme coin reached an all-time high of $0.00001718 in May of this year. Despite experiencing market corrections that saw its price drop to $0.000007, PEPE has shown resilience, climbing back to the $0.00001166 level. The popular meme coin is currently up by more than 600% in the past year.
PEPE saw a surge of 24% in the past 24 hours. Currently, the token boasts a market cap of $4.9 billion, with its trading volume surging over 130% in the past day. Notably, PEPE’s futures open interest surged 23.19% to $144.78 million today. It also saw an increase in derivatives volume, up 178.66% to $3.24 billion.
Memecoins have seen a notable rise in the first half of 2024, with influential figures like Galaxy Digital CEO Mike Novogratz voicing support for the asset category. In light of this success, Crypto.com recently announced a million-dollar giveaway featuring PEPE memecoin for its US users. Participants can win up to $25,000 in PEPE by taking part in the event.
Similarly, Binance has included PEPE in its Binance Pay rewards program, offering users a chance to win 100 million PEPE tokens by sending $0.01 in crypto.
The broader cryptocurrency market has also experienced a surge in recent days, fueled by the increasing chance of a crypto-friendly Donald Trump administration. Bitcoin has risen 9.6% over the last seven days, currently trading around the $63,000 level. Ether has also seen an increase in its value, trading at around $3,400, up approximately 10% in the last week.
Other meme coins that saw a notable surge today include dogwifhat (WIF) and Floki Inu (FLOKI). WIF saw a 20% increase in price, while FLOKI surged by 16% over the past day.
