As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I’ve always got my eyes peeled for the next big thing. Recently, NEIRO, the Ethereum-based dog meme coin, has caught my attention due to its meteoric rise in the last 24 hours. The staggering 115% surge and the involvement of a prominent Shiba Inu whale have piqued my interest.
This Ethereum-based meme token, known as NEIRO, has recently gained attention due to an impressive surge of 115% over the past 24 hours, currently trading at approximately $0.0008265. As per recent reports, a significant Shiba Inu Whale is divesting its SHIB holdings and investing more in NEIRO coins, predicting potential further growth.
According to Spot on Chain’s report, a significant investor (often referred to as a “whale”) of Shiba Inu sold approximately $2.31 million worth of Ethereum and converted it into Neiro coins. Even though the Neiro coin’s price surged 17 times in recent days, this whale has decided to buy an impressive 2.86 billion Neiro tokens, hoping for a potential additional price increase.
Looking back at 2021 and 2022, I witnessed the SHIB whale amassing a staggering $145 million from trading SHIB coins. However, in two recent transactions involving NEIRO and Shiba Inu, this same whale has experienced a loss of approximately $13.48 million. Interestingly, data on Chain suggests that they made a more advantageous move on August 30, converting their losing SHIB into 3.114 million Fetch.ai (FET) tokens. So far, this trade has generated an unrealized profit of $715,000, equating to a 20.7% gain.
This early SHIB buyer swapped 1,003 $ETH ($2.31M) for 2.86B $NEIRO in the last hour, despite the x17 pump!
Despite earning $145 million from Shiba Inu (SHIB) in 2021/22, two out of its last three transactions, namely NeiroETH and the second SHIB transaction, didn’t turn out as profitable. Consequently…
— Spot On Chain (@spotonchain) September 18, 2024
What’s behind the NEIRO Price Surge?
In recent times, the meme coin NEIRO built on Ethereum has garnered noticeable interest due to endorsements by prominent cryptocurrency platforms such as Binance, KuCoin, and more. Consequently, this backing has significantly enhanced the liquidity of the meme coin.
On Monday, September 16, NEIRO was introduced on Binance’s trading market, both spot and futures. This launch triggered an extraordinary 800% price increase in just 24 hours, resulting in NEIRO’s weekly gains exceeding 1,200%.
As an analyst, I’m excited to share that starting from September 17, NEIRO‘s presence on KuCoin platform got a significant boost as they started trading the token under the symbol NEIROCTO for the pair NEIROCTO/USDT. This move was necessitated by a naming conflict. Deposits via the ETH-ERC20 network are already enabled, and withdrawals will be accessible starting September 18.
Additionally, it’s worth noting that the memecoin NEIRO can be transferred both into and out of the platform Bybit, utilizing the Ethereum blockchain network as a means for these transactions.
The prominent crypto exchanges’ listings of NEIRO have significantly increased its visibility in the market, leading to a spike in volatility due to heightened investor curiosity and speculative trades.
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2024-09-18 14:27