Whales and Institutions Bet Big on Neiro Ethereum (NEIRO): Report

The post Whales and Institutions Bet Big on Neiro Ethereum (NEIRO): Report appeared first on Coinpedia Fintech News

Amid the ongoing significant price surge across the crypto landscape, whales and institutions have now shifted their focus on Neiro Ethereum (NEIRO) and are on a buying spree. On September 27, 2024, the on-chain analytic firm Spotonchain made a post on X (previously Twitter) that NEIRO seems to be in an accumulation phase.

According to the data, institutions and whales have accumulated a significant 102.77 million NEIRO tokens. 

• The wallet address 0x6ab has accumulated a significant 17.7 million NEIRO tokens at an average price of $0.086 over the past 7 days.
• The wallet address 0x9Ba purchased 17.5 million NEIRO tokens at an average price of $0.154.
• The wallet address 0xAB5 bought 6 million NEIRO at an average price of $0.128.
• Another whale address 0x1ED bought 8.6 million NEIRO at an average price of $0.116.
• Lastly, Wintermute an institution and market maker, accumulated a significant 52.97 million NEIRO tokens worth $4.97 million.

However, the market cap of this meme coin is $90 million, and this significant accumulation by whales and institutions indicates the potential of this meme coin, which may rally in the coming days. 

At present, NEIRO is trading near $0.09 and has remained stable while other major cryptocurrencies are experiencing notable upside rallies over the last 24 hours. During the same period, its trading volume jumped by 10%, indicating strong participation from traders and investors amid ongoing accumulation.

According to expert technical analysis, NEIRO has been in a consolidation zone for the last ten days and is still struggling to gain momentum. Based on historical price momentum, if the meme coin breaks out of the zone and closes a daily candle above the $0.10 level, there is a strong possibility that NEIRO could soar by 80% to reach the $0.19 level in the coming days.

Currently, this meme coin appears risky due to its low market cap, while the recent acquisitions by Whales and institutions hint at a potential buying opportunity.