NEIRO Meme Coin Minting Millionaires, Whales Accumulating: Is This The Start Of The Bull Run?
19 September 2024 - 3:30AM
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First Neiro on Ethereum (NEIRO), a meme coin, is one of the top
performers this week. Over the last seven days alone, the token has
soared over 332X, pushing its total market cap over the $341
million mark–a testament to a token that several weeks back was
struggling to break the $100 million level. NEIRO Surging After
Binance Listing According to trackers, NEIRO is up 109% over the
last day, increasing due to rising trading volume. Technically, the
underlying momentum is strong whenever a combination of rising
prices and engagement occurs. For this reason, some hints suggest
that NEIRO has more ground to cover, and early investors should be
preparing for even more gains. Related Reading: Here’s What
Dogecoin Whales Are Doing Following The Recovery Above $0.1 While
the hype around NEIRO is a big factor explaining the uptick in
engagement and price, the resulting fear of missing out (FOMO) was
initially initiated by the listing on Binance on September 16.
According to Binance, the world’s largest exchange by trader count,
NEIRO, together with two other meme coins, TURBO and BABYDOGE,
started trading on September 16. Yesterday, on September 17,
traders began withdrawing the token. Even before listing, the meme
coin was one of the top performers, expanding triple digits as
excitement built up. Less than 48 hours later, traders are looking
to double down, FOMOing on the meme coin, to ride the trend. Trader
Makes Millions As Whale Accumulates Out of this sharp leg out,
analysts point out that some early traders were heavily rewarded.
Arkham data on September 16 shows that one trader, only identified
as “0x6ac”, turned a $16,500 investment into over $1.8 million from
getting in early before the listing. Related Reading: Shiba Inu
Eyes Explosive 430% Climb As Momentum Builds —Analyst The address,
analyst note, began accumulating large amounts of NEIRO after the
token launched. Instead of being shaken out by market conditions,
the address continued until the Binance listing before cashing out.
Amid this development, trackers are also picking out interesting
developments. Whales and social media influencers are also
accumulating the meme coin. On-chain movements reveal that one
influencer, @BitCloutCat, has been buying the token after the
Binance listing. As of September 17, the influencer was in the
money, up over $808,000 in profits. Meanwhile, another whale bought
4.67 billion NEIRO worth over $1.3 million, fanning demand. Feature
image from DALLE, chart from TradingView
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