Date: Sat, Oct 12, 2024, 04:54 AM GMT
Neiro Ethereum (NEIRO) is making waves in the cryptocurrency market with a major rally, surging nearly 50% in just the past 24 hours. Over the last week, NEIRO has gained an impressive 88%, grabbing the attention of traders and investors alike.
GSR Markets Leads the Charge with Major Purchase
The driving force behind this surge is a significant purchase by major market maker GSR Markets. According to reports from Spotonchain, GSR Markets recently withdrew 25.4 million NEIRO tokens (worth $2.41 million) from Bybit. This move follows a string of withdrawals by GSR over the last three days, totaling 40.4 million NEIRO—equivalent to 4.04% of the total token supply.
Additional Whale Activity Boosts NEIRO Demand
GSR’s current holdings in NEIRO now outpace Wintermute’s, which holds 27.63 million NEIRO, valued at $2.82 million. But GSR isn’t the only player fueling the rise of NEIRO. Over the past four days, bwecapital.eth, associated with @Vida_BWE, withdrew 4.065 million NEIRO (around $298,000) from Bybit just hours ago.
New whales have also entered the picture. One identified as 0xa1d exchanged 158.44 ETH, worth approximately $375,000, for 5.15 million NEIRO tokens. Another whale, 0x00d, swapped $309,000 worth of ETH and “First Neiro on Ethereum” for 5.114 million NEIRO just 20 hours ago.
The growing interest from whales and large market makers like GSR Markets has fueled the bullish sentiment surrounding Neiro, signaling a craze for the memecoin. However, while NEIRO may offer strong gains, it’s important to remember that memecoins come with high risk and volatility.
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