NEIRO Meme Coin Minting Millionaires, Whales Accumulating: Is This The Start Of The Bull Run?

First Neiro on Ethereum (NEIRO), a meme coin, is one of the top performers this week. Over the last seven days alone, the token has soared over 332X, pushing its total market cap over the $341 million mark–a testament to a token that several weeks back was struggling to break the $100 million level.

NEIRO Surging After Binance Listing

According to trackers, NEIRO is up 109% over the last day, increasing due to rising trading volume. Technically, the underlying momentum is strong whenever a combination of rising prices and engagement occurs. For this reason, some hints suggest that NEIRO has more ground to cover, and early investors should be preparing for even more gains.

While the hype around NEIRO is a big factor explaining the uptick in engagement and price, the resulting fear of missing out (FOMO) was initially initiated by the listing on Binance on September 16.

According to Binance, the world’s largest exchange by trader count, NEIRO, together with two other meme coins, TURBO and BABYDOGE, started trading on September 16. Yesterday, on September 17, traders began withdrawing the token.

Even before listing, the meme coin was one of the top performers, expanding triple digits as excitement built up. Less than 48 hours later, traders are looking to double down, FOMOing on the meme coin, to ride the trend.

Trader Makes Millions As Whale Accumulates

Out of this sharp leg out, analysts point out that some early traders were heavily rewarded. Arkham data on September 16 shows that one trader, only identified as “0x6ac”, turned a $16,500 investment into over $1.8 million from getting in early before the listing.

The address, analyst note, began accumulating large amounts of NEIRO after the token launched. Instead of being shaken out by market conditions, the address continued until the Binance listing before cashing out.

Amid this development, trackers are also picking out interesting developments. Whales and social media influencers are also accumulating the meme coin.

On-chain movements reveal that one influencer, @BitCloutCat, has been buying the token after the Binance listing. As of September 17, the influencer was in the money, up over $808,000 in profits. Meanwhile, another whale bought 4.67 billion NEIRO worth over $1.3 million, fanning demand.

Feature image from DALLE, chart from TradingView

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