Insiders sold 10% of Neiro (NEIRO) after sniping the initial supply
Release: 2024/08/28 23:25 Reading: 836
Neiro Meme Token Faces Selling Pressure from Insiders
The Neiro (NEIRO) meme token has experienced selling pressure as insiders seized the opportunity to secure profits. The organized selling affected one of the most popular Ethereum-based versions of NEIRO, considered the original token.
Insiders Shed 10% of Supply
The Ethereum-based version of Neiro, which launched shortly after the Solana version, faced significant insider selling. Approximately 10% of the supply was sold on decentralized exchanges, totaling $9 million. The insider holdings originated from early sniping, while the NEIRO project aimed for fair distribution.
NEIRO Withstands Sell Pressure
Despite the sell pressure, NEIRO maintained a stable price of $0.09 within its recent range. The token has not experienced any drastic price fluctuations or crashes, potentially establishing itself as a community token with long-term price history.
Ethereum-Based NEIRO Aims for Dominance
The Ethereum-based NEIRO aims to surpass other assets as the primary meme token inspired by the dog Neiro. The real-life dog is the successor to Kabosu, the Shiba Inu that initiated the creation of Dogecoin (DOGE) and the broader dog meme token space.
Sell-Offs Offer Buying Opportunity
While the sell-offs created downward pressure, they may also provide an opportunity to purchase NEIRO at a discounted price. If the token consolidates its position as an established meme token, it could attract investments as funds move from other meme assets.
NEIRO Versions Compete for Market Dominance
The most successful version of NEIRO remains uncertain, with market capitalization potentially serving as a benchmark for dominance. Since the initial release of the Neiro meme token on Ethereum, numerous versions have emerged, some of which have lost value or failed to gain traction. The Ethereum-based NEIRO stands out with its social media presence and content production.
Community Unfazed by Insider Sales
The recent NEIRO sell-offs on Ethereum have been perceived as a minor event within the community. The locking in of profits totaling $9 million is not considered a significant setback in NEIRO's trajectory. The asset also experienced a rapid increase in market capitalization after its launch.
Selling Event May Signal Buying Opportunity
The discovery of connected wallets and insider selling by Bubblemaps has been interpreted as a 'bottom signal.' Similar episodes of selling have occurred with other meme tokens, only for them to rebound with increased strength.
NEIRO Remains Resilient
Despite the concentrated selling event, NEIRO maintained a balance between buyers and sellers, as evidenced by Dextools trading data. The Bubblemaps report on selling pressure has been dismissed as FUD and does not fully reflect the token's potential.
Meme Tokens Follow Market Trends
Meme tokens generally align with the movements of Bitcoin (BTC) and market sentiment. However, during recent corrections where BTC dropped below $60,000, NEIRO and other meme tokens remained relatively stable.
Solana Versions of Neiro Show Activity
Linked wallets associated with the Solana versions of Neiro have been actively transferring funds, indicating increased on-chain activity. One version on Solana has also experienced increased decentralized activity and trading volume on Raydium.
Solana Version Maintains Liquidity
The primary Solana version of Neiro maintains $1.3 million in DEX liquidity, slightly lower than the $1.7 million locked for the Ethereum version. The NEIRO token continues to have a strong social media presence, but it remains to catch up with more established and liquid meme assets.
Meme Token Market Stagnates
The meme token market has remained relatively stagnant over the past month, with a total valuation hovering below $40 billion. The size and influence of new memes depend on luck and community hype. NEIRO remains relatively small, while the DOGS token recently surged to a valuation exceeding $880 million within a day of its launch in the Telegram community.
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