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Court Dismisses Consensys Lawsuit Against SEC

Mark Brennan
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Court Dismisses Consensys Lawsuit Against SEC

A US District Court in Texas has thrown out a lawsuit by Ethereum-focused software developer Consensys against the US Securities and Exchange Commission (SEC).

In a Thursday ruling, the presiding judge, Reed O’Connor, dismissed the legal claims, citing that they were moot. The Texas court ruled that the US regulator had discontinued the pursuit of the claims Consensys stated in the lawsuit, hence the toss.

The MetaMask developers acknowledged the latest move in a tweet, describing the development as “unfortunate.” Consensys stated that the Texas court threw out the lawsuit without considering the “merits of the claims” against the securities watchdog.

Court Scraps April Lawsuit

In April, Consensys sued the US SEC for regulatory overreach in the cryptocurrency sector, particularly on the Ethereum network. The blockchain developer revealed that the Wall Street top regulator had issued it a Wells Notice and had started an investigation into what asset class Ethereum is.

Consensys requested that the court declare that Ether was not a security and prevent the SEC from taking legal action against its Web3 wallet, MetaMask. Eventually, the SEC sued Consensys for offering unregistered staking and brokerage services.

The case took a new twist in May when the regulator approved the Ethereum spot exchange-traded funds (ETFs). Following the approval, SEC’s claims that ETH was a security became contentious, forcing the watchdog to suspend its investigation into Ethereum 2.0.

Judge O’Connor ruled on Thursday night that Consensys’ lawsuit was no longer fit for judicial review. He claimed that the SEC’s Wells Notice does not pose legal consequences for Consensys, so the legal action was unarguable.

Consensys Vows to Keep Fighting

Meanwhile, the MetaMask developer has vowed to continue opposing the SEC’s clampdown on the crypto industry. Consensys particularly pointed to its ongoing legal battle with the securities watchdog on MetaMask’s staking activities.

The SEC claimed that MetaMask offered brokerage and staking services to US citizens without due registration. It also alleged that staking activities exposed investors to magnanimous risk while providing little protection.

Notably, crypto firms have begun challenging the securities regulator. In another lawsuit, Kraken filed for a jury trial in its legal battle with the SEC. The California-based exchange denied claims that it offered unregistered securities, stating that Cardano and other assets mentioned were not securities.

Coinbase took a similar stand against the SEC earlier, claiming it failed to comply with its Freedom of Information (FOIA) request. The largest US-based exchange sued the regulator for enacting certain regulations to hamper the crypto industry’s growth.

Consensys Remains Steadfast

Meanwhile, according to an email shared with The Crypto Basic, a Consensys spokesperson reiterated:

“In April 2024, Consensys filed a lawsuit to protect the Ethereum ecosystem from the SEC’s regulatory overreach and stand up for the industry that has been subject to the agency’s reckless enforcement agenda. Unfortunately, the Texas court today dismissed our lawsuit on procedural grounds without looking at the merits of our claims against the SEC.

Our suit against the SEC laid bare the overzealous investigation of Ethereum, and policymakers and the public at large voiced deep concern over the SEC’s investigation of blockchain software development.

In a significant win for the industry, the SEC dropped its “Ethereum 2.0” investigation after our litigation was filed, and the Texas court today recognized that the SEC already gave Consensys the relief it sought on that critical issue for the Ethereum ecosystem.

Outside of court, we have also seen signs of what could be a momentous step change in Washington’s sentiment towards cryptocurrencies and digital assets during a crucial period for U.S. politics. We are on the right path, but must remain vigilant. Consensys is resolved to keep fighting for the rights of blockchain developers in the U.S. as we contest the SEC’s action in Brooklyn.”

Grayscale Officially Confirms Launch of XRP Trust, Shows XRP Leading Bitcoin in This Metric

Lele Jima
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Grayscale Officially Confirms Launch of XRP Trust, Shows XRP Leading Bitcoin in This Metric

Leading asset manager Grayscale Investments confirms the relaunch of its XRP Trust, sharing charts of XRP ranking as the best performer among the top 10 biggest cryptocurrencies by market cap. 

Grayscale confirmed the development in a tweet yesterday, emphasizing that its XRP Trust is now open for accredited investors seeking direct exposure to XRP. Although Grayscale relaunched the XRP Trust last week, it has continuously notified its clients about the product. 

Notably, Grayscale attached a link to the XRP Trust, encouraging investors to learn more about the product and review critical disclosures. 

XRP Trust NAV Soars 3.05% in 24 Hours

Interestingly, the XRP Trust has witnessed an impressive performance since its relaunch. Its net asset value (NAV) is $11.79 per share, marking an increase of 14.35% since launch. 

This represents a surge of 3.05% from the NAV of $11.44 registered on September 18. The notable spike in the XRP Trust NAV reflects growing interest in XRP among institutional investors.

XRP Leads Avalanche, Bitcoin, and Ethereum as Best-Performing Crypto 

Meanwhile, this interest has also contributed to the remarkable rise in XRP price, which currently stands at $0.5863. Grayscale Investments recently spotlighted XRP’s remarkable performance in its weekly overview of the best-performing cryptos among the top 10 largest assets by market cap.  

The snapshot, taken on September 18, showed that XRP ranked as the best performer over the past week.

Per the data, XRP registered a one-week gain of 9.6%, outperforming other assets like Avalanche (AVAX), Bitcoin (BTC), Binance Coin (BNB), and Toncoin (TON), which rose 8.4%, 8.1%, 5.7%, and 5.2% in the same timeframe, respectively. 

These assets are closely followed by Dogecoin (DOGE), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX). They saw weekly returns of 3.9%, 1.9%, 1.8%, -1.5%, and -2.2%, respectively. 

XRP ETF Speculation Drives Price 

One major driver of XRP’s impressive performance is the prospect surrounding the Grayscale XRP Trust. Many speculate that the Grayscale product could pave the way for a spot-based ETF linked to XRP. 

It bears mentioning that Grayscale is a major issuer of crypto spot ETFs. The asset manager currently has four: two linked to Bitcoin and the other two tied to Ethereum. 

According to Grayscale, it plans to transition its crypto-related trusts to spot-based ETFs. However, these products will undergo a four-phase growth cycle, with an ETF conversion being the last stage. 

At the moment, the XRP Trust is in Private Placement, which is the first phase of this cycle. Here, the XRP Trust will only be open to eligible accredited investors, who are subject to a one-year lock-up period. 

The second phase is referred to as the Public Quotation stage. In this stage, Grayscale will allow more investors, including retail customers, to acquire the shares of the XRP Trust. 

Additionally, the XRP Trust will move to the SEC Reporting stage in the third phase. This phase requires the asset manager to comply with the Securities Commission’s reporting requirements, providing necessary details relating to the XRP Trust.

The last phase is the ETF conversion, which could see Grayscale attempt to convert the XRP Trust to an ETF as it did with its Ethereum and Bitcoin Trusts. 

Analyst Says Shiba Inu Comeback Will Be Huge as SHIB Surpasses $0.000014

Sam Wisdom Raphael
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Analyst Says Shiba Inu Comeback Will Be Huge as SHIB Surpasses $0.000014

Shiba Inu secures another comeback, surpassing $0.000014 amid six consecutive green 4-hour sessions, as analysts expect a huge run.

The broader crypto market is on a rebound course, recovering some of the losses from earlier in the month. Amid this recovery push, Shiba Inu has recorded an impressive comeback, riding on the broader market uptrend to secure unique gains.

Shiba Inu Registers Comeback

in this latest news on Shiba Inu, Market analyst Crypto Sheriff confirmed that SHIB had made another impressive comeback as it spiked by a massive 9% on the weekly charts. This made the dog-themed crypto token one of the biggest gainers in the market recovery phase.

Crypto Sheriff’s chart confirms that Shiba Inu currently trades above the 99-week moving average (MA), which stands at $0.00001277. This suggests a long-term bullish trend despite the most recent struggles, indicating that SHIB’s recent price is higher than its average price over the past 99 weeks. 

Shiba Inu 1W Chart Crypto Sheriff
Shiba Inu 1W Chart | Crypto Sheriff

However, Shiba Inu still trades significantly below the 25-week MA ($0.00001911), which would act as a strong resistance level should the current upward momentum push toward July highs. Meanwhile, SHIB will continue to leverage the 99-week as a robust support point.

Interestingly, Crypto Sheriff believes the recent upsurge could be a precursor of a more substantial push. The market analyst believes this push “will be huge.” Notably, a breach of the $0.00001537 resistance could prepare the groundworks for this huge run.

Consecutive Green Candlesticks

Meanwhile, Shiba Inu community figure and trader SHIB Knight has also called attention to the bullish momentum. He stressed that the bulls have returned, sharing a 3-hour chart which visualized Shiba Inu’s run in a more streamlined timeframe.

Remarkably, at the time of SHIB Knight’s disclosure, Shiba Inu had secured 9 consecutive 3-hour sessions of substantial gains. The last time SHIB secured this feat was in late February. Shortly after, the meme coin soared to clinch the $0.000045 yearly peak. 

Notably, on the 4-hour chart, Shiba Inu made a similar run, recording six consecutive 4-hour candlesticks yesterday, as it surpassed the $0.000014 mark for the first time this week. SHIB faced a roadblock when it breached the upper Bollinger Band to reach a monthly high of $0.00001459.

This roadblock broke its winning streak on the 4-hour timeframe, as it witnessed a slight retracement. However, this morning, SHIB has recovered most of the losses from this retracement, now looking to retest the upper Bollinger Band (currently at $0.00001457).

Shiba Inu 4h Chart
Shiba Inu 4h Chart

Shiba Inu now trades for $0.00001445 at press time, up 3.44% over the past 24 hours. Its market cap has since spiked to $8.492 billion, knocking at the $8.5 billion mark. The MACD indicator on the 4-hour chart has flipped bullish, with a series of green bars indicating bullish control.

Here is Key Indicator Showing Shiba Inu Ready for Big Breakout

Albert Brown
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Here is Key Indicator Showing Shiba Inu Ready for Big Breakout

Increased social engagement for Shiba Inu, positive sentiment, and growing active addresses signal potential gains.

Shiba Inu (SHIB) has shown signs of resurgence in the past 24 hours, recording a 6% increase on the weekly chart. As SHIB continues to display upward movement, analysts note that recent data indicates potential for further gains.

Key metrics from the social intelligence platform LunarCrush reveal increased social engagement, trading volume, and positive sentiment, suggesting SHIB might be on the verge of a significant breakout.

Rising Engagement and Sentiment

Recent data from LunarCrush emphasizes a sharp rise in social interactions surrounding SHIB. Social engagement has surged to 2.43 million, the highest level since August 15.

The highest engagement during this period peaked at 4.11 million on July 10, while the lowest engagement was observed on September 17 at 1.34 million.

Additionally, mentions of SHIB have risen by 24.2%, while the number of creators discussing SHIB has grown by 43.2%. Sentiment towards SHIB remains slightly positive, with a 1.2% increase, pointing to a stable outlook among the community.

These metrics suggest growing optimism among investors as SHIB garners increased attention. 

Bulls Outnumber Bears

Alongside rising social engagement, on-chain data from IntoTheBlock highlights a positive trend in SHIB’s market behavior.

Over the past seven days, the number of bulls stands at 149, marginally outnumbering the 143 addresses identified as bears. This consistent pattern of bulls slightly outnumbering bears indicates a persistent level of optimism among SHIB holders.

SHIB Bulls vs. Bears / IntoTheBlock
SHIB Bulls vs. Bears | IntoTheBlock

While the number of bulls suggests that some investors show optimism in Shiba Inu’s potential, the near-equal distribution of bears reflects ongoing caution in the market.

Growing User Interaction

Further supporting the bullish narrative, network activity data reveals a rise in active addresses engaging with SHIB.

SHIB addresses / IntoTheBlock
Shiba Inu addresses | IntoTheBlock

According to IntoTheBlock, active addresses have increased by 6.95% in the last seven days, mirroring SHIB’s price movements and indicating growing user interaction with the meme coin.

Big Investors Accumulate 380M XRP in 10 Days as XRP Posts 18% Gains

Abdulkarim Abdulwahab
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Big Investors Accumulate 380M XRP in 10 Days as XRP Posts 18% Gains

Over the past few days, prominent investors have been increasingly betting on XRP, loading up on the token with their holdings near an all-time high.

Specifically, on-chain data from Santiment shows that whales have accumulated over 380 million tokens in the past ten days. Renowned market watcher Ali Martinez brought attention to this development in a post on X.

Notably, these investors, who have been accumulating XRP over the past weeks, typically hold between 10 million and 100 million XRP. This move confirms that large investors see potential in XRP over the next few days or weeks.

The on-chain data from Santiment depicts a sharp rise in whale holdings. As the graph shows, these large investors have been accumulating XRP consistently in recent weeks.

As of the first week of September, when XRP’s price dipped to just above $0.505, these whales became bullish, increasing their holdings from just below 6.78 billion XRP to over 7.04 billion. This accumulation closely correlated with XRP’s market value.

Specifically, XRP’s price has risen from $0.5059 on September 6 to $0.5986 by September 14, representing an 18.32% increase in just eight days. While XRP corrected slightly in the following days, whale holdings spiked once more, reaching 7.17 billion XRP as of Thursday.

Whales Holding XRP Near All-Time High

It is worth noting that these large investors’ current holdings of XRP tokens are nearing an all-time high, similar to the peak observed just seven weeks ago.

In the second week of August, whales accumulated XRP to a historic high, collectively holding approximately 7.2 billion tokens. This surge in accumulation occurred shortly after the resolution of the Ripple lawsuit, which contributed to the increased interest in XRP.

As a result, the price of XRP spiked by 30%. Meanwhile, these whales later reduced their holdings, likely capitalizing on the resultant gains. Their holdings dropped to around 6.5 billion XRP. This impacted the price of XRP, causing the token to tank to $0.5059 this month after reaching $0.6416 in August.

Factors Triggering Whale Accumulation on XRP

Now that whale accumulation is resuming, it raises the question of what is influencing their confidence in XRP this time. Indeed, XRP has seen crucial developments in the past few days that contribute to positive sentiment around the token.

For instance, Grayscale has launched an XRP Trust, allowing eligible investors, including institutions and individuals, to gain exposure to XRP. Since its launch last week, the net asset value (NAV) of the Grayscale XRP Trust has surged by over 11%.

BingX Suffers Security Breach, as Hackers Steal $43 Million

Mark Brennan
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BingX Suffers Security Breach, as Hackers Steal $43 Million

Singapore-based crypto exchange BingX is the latest victim of a security breach, losing over $43 million in crypto assets to hackers.

Security firm PeckShield called attention to the exploit in a post on X this morning. The platform alerted the public to suspicious activity on BingX’s hot wallet, where a large amount of funds was moved to a new address.

BingX confirmed the activity in a disclosure, stating it has enabled an emergency response, which involved moving its assets to a cold wallet.

BingX claimed that “minor losses” were incurred from the hack, noting that its team was working to prevent further damage. The exchange also stated that it has temporarily paused withdrawals, and its platform has gone down for 24-hour maintenance.

BingX Suffers “Minor” Losses

Interestingly, the Singapore-based exchange didn’t confirm the exact amount it lost to the hack, as it stated they were yet to discover the extent of the damages. However, Lookonchain stated that BingX lost $26 million, incosistent with the figure reported by PeckShield.

Meanwhile, The Data Nerd noted that BingX lost over $43 million. The on-chain data analyst stated that the exploit affected two of the exchange’s hot wallets, and the hackers pilfered a total of 396 tokens.

Per reports, the exploiter stole 17 million USDT, 3.35 million USDC, 1.04 million WUSD, 13.64 BTC ($858,000), 5,300 ETH ($13.5 million), 4,100 BNB ($2.4 million), and 1.65 MATIC ($671,385). Notably, the hacker converted the stolen funds to Ethereum, BNB, and MATIC, the native tokens of their respective blockchains.

It bears mentioning that BingX assured users it would cover all losses incurred from the hack. The Singapore-based exchange stated it was working on a compensation plan for users affected by the early Friday hack.

Exchange Hack on the Rise

A concerning trend of hacks has emerged recently as exploiters have ramped up attacks on centralized exchanges. BingX’s hack was one of the numerous successful exploits among exchanges.

The attackers have looked particularly similar, with the hacker targeting exchanges’ hot wallet addresses. Last week, Indonesian-based crypto exchange Indodax lost $22 million to a hot wallet compromise.

Also, India’s largest exchange, WazirX, lost $230 million in July in the same theft tactics, revealing an inherent vulnerability in hot wallets among exchanges. Notably, most of these hacks have been tied to North Korea’s notorious hackers, the Lazarus group.

User Moves 59 Bitcoin After 13.1 Years, Turning $524 into $3.8M

Lele Jima
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User Moves 59 Bitcoin After 13.1 Years, Turning $524 into $3.8M

As the broader crypto market records a slight recovery, a dormant Bitcoin wallet holding over 59 BTC has reawakened after 13.1 years of inactivity. 

First Transaction in 13.1 Years

This latest bitcoin news today, reported by the leading crypto whale tracking service Whale Alert, shows that the owner of the long-standing dormant Bitcoin wallet initiated their first transaction today at 03:36 a.m. (UTC) after staying idle for 13.1 years. 

A closer look at the recent transaction shows that the dormant wallet transferred 0.00000778 BTC ($0.49) to a newly created wallet about an hour ago. This was possibly a test transaction.

Ever since, the source wallet has not initiated any other transaction, as it currently holds 59.723 BTC, according to data from Arkham Intelligence. 

User Makes an Astounding 725,357% Profit 

Before today’s transaction, Whale Alert noted that the wallet had been inactive for 13.1 years. This implies that the wallet had not made any transactions since August 2011. 

Data from Statmuse confirms that Bitcoin’s closing price in August 2011 was around $8.79. At this price, the wallet, which contained 59.723 BTC, was worth $524.96. 

Interestingly, the Bitcoin stash is now valued at $3,808,364 ($3.8 million). This suggests that the wallet’s owner made a jaw-dropping profit of $3,807,839, representing an ROI of 725,357%. 

Bitcoin Price Surge Despite Reawakening 

Expectedly, the development captured the attention of crypto enthusiasts. For context, Bitcoin’s price has risen 2.95% in the past 24 hours to $63,767. At this price, the premier asset has registered a rally of 10.52% in the weekly chart.

It is interesting to note that the broader market has been showing signs of recovery this month. Interestingly, the highly anticipated recovery might finally be on the cards, as Bitcoin looks set to surpass its one-month high of $64,996, registered on August 26. 

Recent Reawakening of Dormant Addresses 

Meanwhile, the awakening of the 13.1-year Bitcoin wallet reflects a growing trend witnessed in recent times. The Crypto Basic has reported a handful of dormant crypto addresses returning to life after staying idle for several years. 

Yesterday, an address that participated in Ethereum’s ICO deposited 10,000 ETH to the Kraken exchange after staying dormant for two years. Earlier this week, another dormant address that has been inactive for 8.5 years transferred 16,636 ETH to three different wallets. 

Last week, a 13-month dormant Bitcoin address came out of hibernation to deposit 203 BTC to Binance. 

Data Shows 50 Wallets Account for 76% of XRP Ledger Transactions

Sam Wisdom Raphael
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Data Shows 50 Wallets Account for 76% of XRP Ledger Transactions

Analytics from the XRP Ledger (XRPL) reveal that just 50 wallets are responsible for a substantial number of transactions over two weeks. 

Dr. Artur Kirjakulov, co-founder and CEO of XPMarket, shared the XRP latest news based on an analysis of transactions from Sept. 1 to 15, which totaled over 25.7 million.

The data, pulled from Kirjakulov’s analytics work, indicate that wallet activity on the XRPL is highly concentrated, with a few wallets dominating transaction volumes. For context, the XRPL boasts 5.319 million total wallets, with over 70K created over the last two months.

 

50 XRPL Wallets Account for 76% of Transactions

Kirjakulov broke down his findings further, showing that a single wallet alone accounted for 15% of all transactions in the first two weeks of this month. The second-largest wallet increased this to 29%, while three wallets combined handled 37% of transactions. 

Meanwhile, the top five wallets executed 45% of the total, and by the time the analytics considered the top ten wallets, they were responsible for 58% of all transactions during the two-week period.

The total number of unique wallets within the period under analysis was 73,042. However, the top 50 wallets drove the lion’s share of activity, processing over three-quarters of all transactions. 

The analysis covered several types of transactions, including AMMDeposit, NFTokenAcceptOffer, payments, NFTokenCreate, OfferCancel, OfferCreate, AMMwithdrawal, and TrustSet. Other transaction types were negligible in number, contributing only a small fraction.

As part of his investigation, Kirjakulov shared details on the top 10 wallets and indexed all 50 wallets that dominated transaction activity during the period. This disclosure allowed further scrutiny by other members of the XRP community.

Insights into the Wallets

Notably, community member Kristin Dack investigated the wallets in detail. Her analysis revealed that the number one wallet is an arbitrage bot operating on the XRPL. The second-largest wallet is also a bot and has a connection to the first. 

According to Dack’s findings, the top five wallets are all bots, including one linked to the crypto exchange Bitstamp and hot wallet service GateHub. This suggests that much of the transaction activity on the XRPL is driven by automated trading or service-related transactions. 

Notably, Bitstamp and GateHub are major players in the XRP Ledger ecosystem, providing important infrastructure for users. This explains the presence of wallets tied to these entities.

Dack’s investigation also revealed that the wallets ranked between 14th and 24th are associated with RipplePay transactions involving Chinese yuan (CNY).

Meanwhile, the wallets ranked from 30th to 50th are primarily associated with micropayment bot accounts. These wallets, while still highly active, operate on a smaller scale compared to the top five.

The concentration of XRPL transactions in a relatively small number of wallets triggered concerns about potential centralization within the XRP network. 

However, Kirjakulov pushed back against these claims. He noted that the first two wallets are managed by individuals who are not affiliated with Ripple. He argued that the data alone does not support the idea that the XRPL is centralized, especially given the independent operation of key wallets.

Renowned Market Expert Predicts XRP Price for 2025, If BTC Hits $150k To $250K

Sam Wisdom Raphael
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Renowned Market Expert Predicts XRP Price for 2025, If BTC Hits $150k To $250K

Despite its current challenges, XRP remains at the forefront of attention, with recent predictions projecting its price for 2025.

XRP is currently battling the bears alongside the rest of the crypto market as prices remain in a consolidation phase. Despite occasional upswings in the broader market, XRP has failed to leverage these periods to recover the $0.60 threshold throughout this month.

The crypto market recently staged another rebound following the Federal Reserve’s 0.5% interest rate cut as investors moved to risk assets. However, in the XRP latest news, XRP has not jumped on this upsurge, still battling to conquer $0.58, as it currently changes hands at $0.5884 amid a meager 0.33% rise in 24 hours. 

Despite its challenges, market watchers and community commentators believe a breakout for XRP is imminent. As a result, several projections have emerged, with price targets ranging from $1 in the short term to a more ambitious $27. 

XRP Price Target for 2025

Amid these projections, Ash Crypto, a renowned trader with nearly two decades of experience in financial markets, recently shared his latest predictions for XRP’s price during the ongoing bull market. 

He believes that by mid-2025, XRP could trade between $3 and $5, which would make it one of the top-performing cryptocurrencies in this cycle. Ash Crypto’s projection suggests a potential rise in XRP’s value by an impressive 412% to 754%. 

Interestingly, several other analysts have also forecasted the $5 target. Altcoin Moe, a market watcher, has also projected that XRP could reach $5. He shared his forecast earlier this year while estimating the price of Bitcoin and Ethereum to soar to $115,000 and $8,000, respectively.

Another respected analyst, Dark Defender, provided an XRP price prediction back in July, leveraging the Elliott Wave theory and Fibonacci levels. He also suggested that XRP has the potential to climb to $5 in this bull run. 

Back in March, market commentator Jake projected similar targets, asserting that XRP could hit the $5 mark during the current market cycle. 

Other Price Projections

While XRP continues to be the primary focus, Ash Crypto also shared predictions for other cryptocurrencies. His forecasts for Bitcoin set a target of $150,000 to $250,000, representing a 136% to 294% increase. Similarly, he sees Ethereum surging to $10,000 to $15,000, which would mark a 305% to 507% gain.

Ash Crypto on X
Ash Crypto on X

Other notable predictions from Ash include a 77% to 147% increase for Binance Coin (BNB), pushing it to the $1,000 to $1,400 range. Solana (SOL) is also expected to rise substantially, with projections suggesting a price between $450 and $650, reflecting a 213% to 353% jump.

Aside from these leading assets, Ash Crypto has predicted large gains for other popular cryptocurrencies, such as Dogecoin, Polkadot, Chainlink, Avalanche, and more. For instance, he sees Dogecoin reaching $1, a potential 852% increase.

PEPE Whale Generates $1.67M Revenue From Trading NEIRO: Here’s How

Albert Brown
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PEPE Whale Generates $1.67M Revenue From Trading NEIRO: Here’s How

A PEPE whale turned a $1.67 million profit from trading the trending meme coin NEIRO after previously suffering a significant loss.

The trendy meme coin “First Neiro On Ethereum” (NEIRO), recently listed on Binance, has experienced significant price volatility, impacting trading outcomes for investors.

Recent on-chain data shows mixed results for traders. One investor, using the wallet “rektdolphin.eth,” managed to recover from earlier losses by making a profitable move with NEIRO.

Analysis reveals that Rekt Dolphin engaged in multiple transactions involving NEIRO and PEPE over the past month. Specifically, this wallet acquired 2.22 billion NEIRO by selling 12 billion PEPE, valued at $94,900. However, the trader later sold the NEIRO tokens at a loss for 22 ETH, approximately $59,500.

In another round of trades, the wallet acquired 1.9 billion NEIRO by selling 134 billion PEPE, valued at $985,000. Just a few hours ago, the trader sold that same 1.9 billion NEIRO for 214 billion PEPE, generating $1.67 million at an average price of $0.00085829.

This move resulted in a profit of $688,000, a significant recovery from the earlier loss of $59,500.

Further Profitable Strategies 

Another trader, identified through Onchain Lens as Wallet-1, has employed a profitable strategy with NEIRO over the past few months. Two months ago, Wallet-1 began accumulating 5.63 billion NEIRO for 9.5 ETH, valued at $31,211. After redistributing 4.12 billion NEIRO to Wallet-2 and Wallet-3, this trader remained active in the market.

In the past month, Wallet-1 acquired an additional 2.07 billion NEIRO for 14 ETH, valued at $37,157. Later, they sold 3.58 billion NEIRO for 35 ETH, worth $83,439.

Most recently, Wallet-1 further capitalized on the market by selling 2.88 billion NEIRO for 468 ETH, approximately $1.079 million, securing a profit of 464.3 ETH. Overall, this trader has achieved a profit exceeding $1 million.

Continued Uncertainty

Amidst these trading activities, NEIRO’s price action has shown a dramatic upswing. According to CoinMarketCap, the token formed a triple white soldier pattern, indicating strong upward momentum over the past three days. Starting from September 16, NEIRO surged by 808%, followed by a 91% rise on September 17.

Currently priced at $0.0008626, NEIRO’s 24-hour trading volume is $652.8 million. This represents a 2.58% increase in price over the past day and a staggering 1,971.67% rise over the past week.

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