NEIRO sees significant whale accumulation as major holders buy millions of tokens.
NEIRO, a rapidly emerging token on the Ethereum network, has experienced notable price movements, marked by a strong initial rally and subsequent phases of correction and accumulation. Whale accumulation has particularly become the focal point of recent market activity.
Growing Interest in NEIRO?
Amid the fluctuating price, significant whale accumulation has been observed, suggesting strategic buying by large holders.
According to data from Spot On Chain, whales have been actively acquiring NEIRO. For instance, Whale 0x6ab recently purchased 17.7 million NEIRO tokens over the last week at an average price of $0.086. Similarly, Whale 0x9Ba acquired 17.5 million NEIRO on September 6 at $0.154, reflecting an ongoing strategy of buying into market dips.
Other notable accumulations include Whale 0xAB5, which has been dollar-cost averaging with 6 million NEIRO at $0.128, and Whale 0x1ED, who amassed 8.6 million NEIRO at $0.116 but sold some of their holdings.
Market maker Wintermute, holding approximately 5.3% of the total supply with 52.97 million NEIRO tokens valued at $4.97 million, continues to be a major player in the token’s distribution.
Initial Rally and Correction
Looking at NEIRO’s history, the price trajectory began with a significant rise in early August, surging from approximately $0.01454 to a peak near the $0.30 level.
However, the momentum soon slowed, suggesting the market reached an overbought condition. Following this peak, the price underwent a correction in mid-August, consolidating around the $0.10 to $0.15 range. This phase was characterized by several minor peaks and troughs.
The price dynamics shifted again in early September as buying momentum briefly resurfaced, pushing NEIRO back toward the $0.20 level. However, this upward movement proved short-lived, with the price declining toward $0.10.
The market appeared to be digesting previous gains, resulting in a stabilization phase until date, when Spot On Chain has reported the accumulation by large holders.
Growing Community Interest
The accumulation phase has coincided with increased decentralization and listing interest from major exchanges. Previous reports highlighted that NEIRO had garnered significant attention within 16 days of launch, thanks to its vibrant community.
Additionally, Momin Saqib, co-founder of Web3Pak and Web3Works, previously noted NEIRO’s growing prominence in the Ethereum space. Saqib emphasized the increasing buying pressure from whales who are capitalizing on price dips.
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