Following a period of consistent growth, Neiro on Ethereum [NEIRO] has encountered a significant downturn in the past week. As of the latest data, NEIRO was valued at $0.001552, showcasing a 3.78% decrease within the last 24 hours.
Moreover, the meme-inspired coin has seen a 15.76% decline on its weekly charts.
This recent drop has opened up opportunities for investors looking to capitalize on the dip. Notably, Lookonchain has reported an influx of new wallets accumulating NEIRO during this period.
Surge in NEIRO Accumulation
According to insights from Lookonchain, newly established wallets have been actively accumulating NEIRO tokens. The blockchain analytics platform highlighted this trend, stating,
“Wallet “0xec6b” was recently created and withdrew 230.4 $ETH($575K) from #OKX to purchase 8.23M $NEIRO. Wallet “0xd753” was also created recently and withdrew 5.41M $NEIRO($453K) from #Gateio.
These fresh wallets have collectively amassed a total of 13.64 million NEIRO tokens valued at $1.029 million. Typically, a surge in new wallet activity signifies heightened interest and demand for the cryptocurrency.
In times of market downturns, new entrants often seek to benefit from potential price increases.
Increased buying activities generate upward pressure on prices, potentially leading to a supply shortage. Hence, the pressing question remains: Will these accumulations catalyze a price surge?
Price Chart Implications?
While the heightened accumulation is pivotal in shifting market dynamics, short-term data for NEIRO tells a somewhat different narrative.
For instance, the token’s circulation outside of exchanges has dwindled over the past month, dropping from 165.75 billion to 133.78 billion tokens. This decline suggests that investors are moving their NEIRO holdings to exchanges for trading purposes.
This shift is evident in the rise of NEIRO supply on exchanges, which has climbed from 254.98 billion to 286.9 billion tokens. Data from Santiment indicates a growing inclination among investors to sell their assets, a trend that could exert downward pressure on prices.
Moreover, NEIRO’s daily active addresses have decreased over the past three weeks, falling from 2390 to 219. This decline reflects waning participation, interest, and demand, signaling a lack of investor enthusiasm and confidence in the meme cryptocurrency’s future.
What’s Ahead for NEIRO?
Despite the influx of new wallets into the market, NEIRO may require additional catalysts or developments to kickstart a price rally. Thus far, the accumulated holdings have not significantly impacted the price trajectory.
The current conditions could potentially pave the way for further declines unless fresh opportunities for accumulation emerge. Consequently, NEIRO might descend in search of its next support level around $0.001355.