- Neiro has declined by 15.76% over the past week.
- Fresh wallets accumulates 13.64 million tokens worth $1.029 million.
After analyzing the recent trends of Neiro [NEIRO] and considering my extensive experience in the cryptocurrency market, it appears that we are witnessing a significant shift in this memecoin’s fortunes. The 15.76% decline over the past week is a stark reminder of the volatile nature of this space, but the fresh accumulation of tokens by new wallets presents an interesting opportunity.
Following a prolonged increase, the Neiro token on Ethereum [NEIRO] has seen a steep drop in value over the last week. At present, NEIRO is being exchanged at $0.001552, representing a 3.78% decrease over the past 24 hours.
Also, the memecoin has declined on weekly charts by 15.76%.
Over the last week, there’s been a decrease that has opened up chances for investors to buy at lower prices, which is what many seem to be doing. Interestingly, as observed by Lookonchain, an increase in new wallets acquiring NEIRO during this downturn suggests that some investors are stockpiling NEIRO while prices are low.
NEIRO sees increased accumulation
As reported by Lookonchain, it appears that newly created wallets have been actively purchasing the token at a rapid pace. This insight was recently highlighted on their official X page.
Yesterday, a new wallet identified as “0xec6b” emerged and transferred approximately 230.4 ETH ($575,000) from OKX to purchase around 8,230,000 NEIRO tokens. Another wallet labeled “0xd753”, also newly created, withdrew about 5,410,000 NEIRO tokens ($453,000) from Gateio.
The recently acquired wallets hold approximately 13.64 million NEIRO tokens, which equate to a value of around $1.029 million. This amassment often indicates heightened curiosity and desire for the token.
When markets are poorly performing, new investors enter the market anticipating price appreciation.
Purchases lead to an increase in demand, often referred to as “buying pressure.” This increased demand can cause a reduction in supply availability, or a “supply squeeze,” which pushes prices upward. So, the question becomes: Could these growing stocks contribute to a rise in prices?
Impact on price charts?
While an increase in accumulation significantly impacts market dynamics, NEIRO’s short-term data painted a contrasting picture instead.
Over the past month, the number of NEIRO tokens held outside of exchanges has dropped significantly, from a peak of 165.75 billion to 133.78 billion. This decrease implies that investors might be moving their NEIRO tokens into exchange platforms, which could mean they’re reducing their personal holdings.
During this timeframe, it’s clear that there has been a rise in the availability of this phenomenon on trading platforms, as indicated by the data from Santiment, which shows an increase in supply from approximately 254.98 billion to 286.9 billion.
This suggests that many investors are planning to offload their holdings, potentially leading to increased demand for sales.
In the last three weeks, the number of daily active addresses on NEIRO has decreased from 2390 to 219. This decline might indicate a decrease in user engagement, curiosity, and demand, potentially signaling that investors are losing interest and showing less confidence in the memecoin’s future potential.
What next for the memecoin?
Despite the arrival of these new wallets in the market, NEIRO was still seeking additional activities or events to ignite a price surge. So far, the accumulation hasn’t significantly affected the price trends positively.
Read Neiro on ETH [NEIRO] Price Prediction 2024-25
Under the present circumstances, the memecoin might continue to drop if there aren’t any new chances to buy. Consequently, the memecoin may fall to locate its next supportive level around $0.001355.
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2024-10-28 17:12