Neiro (NEIRO) meme tokens felt selling pressure as insiders finally decided to lock in profits. The organized selling happened for one of the most active Ethereum-based versions of NEIRO, considered the original token.
The Neiro (NEIRO) meme token finally felt the pressure of insider selling. After weeks of warnings about insiders controlling the tokens, as much as 10% of the supply was shed on decentralized exchanges.
Bubblemaps observed the Ethereum-based version of Neiro, which launched soon after the Solana version. Recent on-chain activity tracked $9M in sales. The insider holdings came from early sniping; otherwise, the NEIRO project aimed for a fair distribution.
UPDATE: Insiders have now sold ~$9M of $NEIRO
10% of the supply liquidated by initial snipers
But don’t worry, buyback is coming 🤡 https://t.co/oTLJEMcdde pic.twitter.com/igTQbn77Mj
— Bubblemaps (@bubblemaps) August 27, 2024
Despite the sell pressure, NEIRO managed to survive at $0.09, in the middle of its recent range. NEIRO has also not gone through dramatic rug pulls or crashes and may become a community token with long-term price history.
NEIRO on Ethereum aims to outcompete other assets as the main meme based on the dog Neiro. The real-life dog is the heir to Kabosu, the Shiba Inu, which instigated the creation of Dogecoin (DOGE) and, later, the entire dog meme token space.
As of August 28, the selling from personal or linked wallets decreased, though MEXC and Gate.io showed heightened activity. Data on Bubblemaps also shows a long list of wallets owning 0.5% of the supply. Bubblemaps warned that early buyers sniped most of the NEIRO supply and may continue to sell.
At the same time, the sell-offs may also turn into an opportunity to buy at lows. If NEIRO becomes an established meme token, it may continue to draw investments as funds roll over from other memes.
Neiro versions fight for dominance
There is still no consensus on which will be the most successful version of NEIRO. The cutoff may be a market cap of $1B, lining up with big meme tokens. After the first announcement of the Neiro meme token on Ethereum, around 30 versions immediately sprang up. Some of them have erased most of their value, or have failed to take off. NEIRO on Ethereum is the asset with the most notable social media presence, as well as content production.
The recent NEIRO sell-offs on Ethereum is considered a relatively minor event by the community, and no panic has ensued. For some, the selling and locking in $9M is a minor event in the trajectory of NEIRO. The asset also managed the fastest jump in market capitalization after its launch.
The Bubblemaps discovery of connected wallets and selling is also seen as a ‘bottom signal.’ Other meme tokens have also gone through selling episodes, only to come back stronger.
Despite the concentrating selling event, NEIRO returned to a balance of buyers and sellers, as revealed by Dextools trading data. The Bubblemaps news of selling pressure is also seen as a form of FUD, not reflecting the full potential of the token.
Meme tokens move along with Bitcoin (BTC) and the general sense of market exuberance. However, during the recent correction, where BTC dipped again under $60,000, NEIRO and other meme tokens remained relatively unhurt.
For meme tokens, even deep corrections are often used for a risky entry point in preparation for an eventual recovery.
Solana versions of Neiro also see heightened on-chain activity
One of the major Solana versions of Neiro is currently going through a stage where linked wallets move funds between themselves, reporting heightened activity.
Another version of Neiro on Solana also sees peak decentralized activity, with added volumes from Raydium. The token, as listed on Coinmarketcap, is just one of the Solana versions, along with multiple copied tokens.
The main Solana version of Neiro has $1.3M in DEX liquidity, a bit lower than the $1.7M locked for Ethereum’s version. The NEIRO token retains its status on social media, though it still has to catch up with earlier, more liquid meme assets.
Overall, the meme token market stagnated in the past month, hovering under $40B in total valuation. The size and influence of new memes are a matter of luck, as well as community hype. NEIRO is still relatively small, while the DOGS token now has a valuation above $880M just a day after its launch to the Telegram community.
Source: https://www.cryptopolitan.com/insiders-sold-neiro-after-sniping-supply/