Date: Tue, Oct 08, 2024, 05:16 AM GMT
The cryptocurrency market is showing renewed momentum, with Bitcoin (BTC) recovering to $62K after a brief dip to $60K on October 3. This recovery has fueled rallies in several major cryptocurrencies, including trending memecoins.
One of the hottest tokens right now is First Neiro On Ethereum (NEIRO), which has seen a surge in value. In the last 24 hours, NEIRO is up 13%, and over the past week, it has jumped an impressive 40%. However, its rival memecoin, Neiro Ethereum (NEIRO), has not experienced the same success. NEIRO has dropped over 10% today and has fallen by 11% in the last seven days.
The contrasting performance of these two memecoins has prompted a strategic move by a well-known whale in the crypto community. According to Spotonchain, this entity, which previously made $145M from Shiba Inu (SHIB), has now shifted their holdings from NEIRO to NEIIRO.
Around seven hours ago, the whale sold 17.5M NEIRO for $1.22M, taking a significant loss of $1.49M (-55%) after holding the token for a month. They quickly pivoted to First Neiro on Ethereum, purchasing 841.6M NEIIRO for $1.45M in the past 24 hours. This move increased their total holdings to 3.85B NEIIRO, now worth $6.51M, with an unrealized profit of $2.67M (+67%).
In addition to their NEIIRO investment, this whale holds positions in other cryptocurrencies, including:
- A $1.13M unrealized profit (+32.6%) from 3.11M Fetch.ai (FET) tokens worth $4.61M.
- A $10M unrealized loss (-40%) from a second SHIB trade, where they still hold 477.5B SHIB ($8.41M).
In conclusion, the whale’s recent moves highlight the importance of adaptability in the ever-changing crypto market. Shifting from a declining asset like Neiro Ethereum (NEIRO) to the rallying First Neiro On Ethereum (NEIIRO) shows a calculated strategy aimed at maximizing returns despite previous losses.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.