GSR Markets has shown impressive faith in NEIRO, withdrawing 25.4 million NEIRO, valued at $2.41 million, from Bybit. This betokens their unwavering and increasing confidence in the infrastructure.
GSR Markets withdrew another 25.4M $NEIRO “@NeiroOnEthereum” ($2.41M) from #Bybit 8 hours ago!
Over the last 3 days, the market maker has withdrawn 40.4M $NEIRO, or 4.04% of the total supply, from Bybit. This holding now surpasses #Wintermute’s 27.63M $NEIRO ($2.82M).
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— Spot On Chain (@spotonchain) October 12, 2024
The trend’s planning part was visible over the last three days, during which GSR Markets spent 40.4 million NEIRO or 4.04% of the cryptocurrency’s total circulation. Another major player with that many tokens deployed Wintermute, which has 27.63 million NEIRO, worth around $2.82 million.
These institutional heavyweights seem very bullish on NEIRO token’s future, and we see their consistent and aggressive accumulation of this token. Such large purchases by well-known market makers are the usual sign to the market of potential future appreciation and stability, drawing to themselves yet more small investors and speculators as the price they paid attracts attention for future eventual profit.
NEIRO’s Meteoric Price Performance
With the increase in activity from the whales, so does the rise in NEIRO’s market value. The cryptocurrency has surged 106% in the past seven days. This rapid ascent in the price directly relates to whale transactions, showing how vital bulk purchases may be to market perception and investment sentiment.
This is not just a one-off spike but indicates a trend that continues upward into NEIRO’s future valuation. As confidence is building in investors, the market looks very bullish.
NEIRO also saw an increase in the season of trade volume, more evidence of increasing interest and liquidity. This has also been accompanied by entries of new investors into the market who have experienced a dramatic rise in the market price.
According to wallet address 0xa1d, an investor exchanged 158.44 ETH for a mind-boggling 5.15 million NEIRO, worth around $375k, during the transaction. Another investor (identifier 0x00d) pulled a similar large-scale swap, exchanging $309,000 worth of ETH and a unique asset called “First Neiro on Ethereum” for 5.114 million NEIRO, another investor.
The strategies and access to significant financing for the new entrants suggest a healthy and growing ecosystem of these market participants. The entry of these new whales can cause quite a ripple in the market, moving price directions and pushing the token’s value higher and higher as more and more investors follow in their footsteps.
Technical Analysis Insights
The technical analysis of NEIRO’s price movement provides additional insights into its future trajectory. The recent price charts from Binance show the crypto trading within a bullish flag pattern on the hourly time frame.
This technical formation typically signals the continuation of an upward trend. After consolidation, the price broke out sharply, supporting predictions of further gains.
Moreover, the Awesome Oscillator, a momentum indicator used to gauge market dynamics, has shifted from red to green, indicating an increase in bullish momentum. This change suggests that the upward trend could sustain itself in the coming days, especially if whale activity continues at its current pace.
