Coinspeaker
SHIB Whale Swaps $2.31M in ETH for NEIRO amid 17x Surge
Ethereum-based dog meme coin NEIRO NEIRO $0.0008 24h volatility: 125.3% Market cap: $356.58 M Vol. 24h: $756.12 M has been recently on the radar by surging by a staggering 115% in the last 24 hours, and currently trading around $0.0008265. As per the latest report, Shiba Inu Whale has been liquidating its SHIB holdings and buying more NEIRO coins in anticipation of a further rally.
On-chain data provider Spot on Chain reported that an early whale of Shiba Inu has sold a total of $2.31 million worth of Ethereum swapping it against the NEIRO coins. Despite the 17x pump in the NEIRO price recently, the whale has purchased 2.86 billion NEIRO tokens in anticipation of a further price surge.
Back in 2021 and 2022, the SHIB whale had made strong gains of around $145 million by trading the SHIB coins. However, in two recent trades involving NEIRO and Shiba Inu, the same whale has booked a loss of $13.48 million. Besides, spot on Chain also reveals that the investor made a more favorable move on August 30, swapping their losing SHIB for 3.114 million Fetch.ai (FET) tokens. This trade has so far yielded an unrealized profit of $715,000, or a 20.7% gain.
This early SHIB buyer swapped 1,003 $ETH ($2.31M) for 2.86B $NEIRO in the last hour, despite the x17 pump!
Though the whale made $145M from $SHIB in 2021/22, 2 out of its 3 recent trades, including #NEIROETH and the 2nd $SHIB trade, haven’t been as successful, resulting in… https://t.co/Rh1SIhTtN4 pic.twitter.com/LXajvUQM1t
— Spot On Chain (@spotonchain) September 18, 2024
What’s behind the NEIRO Price Surge?
Ethereum-based latest meme coin NEIRO has gained significant attention recently after receiving support from some of the top crypto exchanges like Binance, KuCoin, and others. This has provided a strong liquidity boost to the meme coin.
Earlier this week on Monday, September 16, NEIRO debuted on the Binance’s spot and futures market. This led to an unprecedented 800% surge in its price within just 24 hours. As a result, NEIRO extended its weekly gains to more than 1,200%.
Boosting NEIRO’s visibility, KuCoin also began trading the token under the symbol NEIROCTO for the NEIROCTO/USDT pair on September 17, following a naming conflict. The exchange has enabled deposits via the ETH-ERC20 network, with withdrawals set to be available starting September 18.
Furthermore, crypto exchange Bybit also allowed the deposits and withdrawals of the NEIRO memecoin on the Ethereum blockchain networks.
These listings by the world’s top crypto exchanges have boosted NEIRO’s market presence, triggering a surge in volatility driven by growing investor interest and speculative trading.
