NEIRO supply moves to exchanges, sparking sell-off or pump speculation Hristina Vasileva | usagoldmines.com

NEIRO on Ethereum may face turbulence as one of the biggest holders is moving coins on exchanges. Soon after the transaction, NEIRO slid by over 10%. 

NEIRO on Ethereum, one of the relatively older meme tokens, may be facing volatility. Despite its start as a community takeover token (CTO), NEIRO is actually held by one massive whale. 

Trend Research gradually accumulated over 67% of the supply of NEIRO over the course of a few months. Effectively, this transformed the meme token from a distributed CTO asset into what looks like a sniped cabal coin. 

On-chain data showed wallets linked to Trend Research started sending out NEIRO to the Bybit exchange. The wallets accumulated NEIRO at over $0.08 per coin, withdrawing the supply between March and August. Now, Trend Research faces potential selling at a loss. 

What is even more worrying is the potential control over NEIRO and the questions about its organic price moves or community. NEIRO is no stranger to whale activity, as previously Wintermute built a stash of tokens. NEIRO, like the previous iteration of memes, has seen regular turnover between different tokens, as whales offloaded their holdings to move on to a new asset. 

NEIRO on Ethereum dropped by over 12%

Following the tracking of Trend Research, NEIRO dropped by 12.59%, sliding to $0.067. NEIRO has held up relatively well, still trading near its mid-range for the past three months. However, hopes of recovery were dashed as the price showed signs of crashing more rapidly. 

NEIRO has relied on market makers and general hype to perform its rallies. Currently, the token is less active. Unlike newer assets, NEIRO on Ethereum is not represented on Hyperliquid and is not seen as a hot project for new whales. 

Over 45% of NEIRO on Ethereum volumes are concentrated on HTX, with a significant share on Bitget. The centralized trading also means the token is limited to the exchange users, which may be regionally limited. While the token has set up speculative rallies, older whales and failing liquidity may cut down on further recoveries. NEIRO is also one of the most copied meme brands, diluting demand for the meme. 

Over the past year, NEIRO still rallied from $0.017 to a peak above $0.13, though the current downturn is seen as the end of the cycle. Previously, NEIRO has still crashed to under $0.02 following its whale-driven rallies. 

NEIRO supply held by either whales or exchanges

The supply of NEIRO is heavily skewed toward large-scale wallets. Bitget’s hot wallet has accumulated over 23% of the token’s supply. 

Over 70% of the tokens are held in the top 10 wallets, showing more potential selling pressure. For now, the project’s social media give no hints at future directions of development. 

In total, whales moved around 13% of the supply to exchanges, either preparing for active trading or for selling below the price of acquisition. The token retains nearly 20K smaller holders, but the expectation is for a slide as low as $10M market cap. The big question is whether old whales that accumulated the token are capable of sparking another pump, to avoid cashing out at a loss.

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This articles is written by : Nermeen Nabil Khear Abdelmalak

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