Neiro on ETH (NEIRO) was singled out as the top meme of all copies. On-chain data still show significant insider holdings from an earlier snipe. NEIRO rallied as high as $0.20, accumulating up to a 10X price gain within a day.
Neiro on ETH (NEIRO) was singled out as the most prominent token among all copies, both on Ethereum and Solana. After gaining representation with a perpetual futures market on Binance, Neiro on ETH went through a rapid price surge and peak demand.
Neiro going for spots held by top meme tokens
The success of NEIRO has been in the news for a few weeks now. However, not all versions of the meme received the same attention or price gains. After renewed buying, NEIRO on ETH currently shows a total of 22,221 holders, up from around 10K days ago.
The rise of NEIRO also coincides with a green day across meme token markets. DOGE rose by 5.75%, with most top meme tokens also in the green.
The sudden interest in NEIRO reflects the expectation that the meme token will gain enough to line up among other top memes.
For NEIRO, this means measuring up to WIF, BOME, SLERF, PEPE, and other Solana and Ethereum assets. A rally of this magnitude is rare in a market that seems over-saturated with meme tokens, with practically no place left at the top.
NEIRO aimed to tap the fame of Kabosu, helping it stand out among other meme assets. The rise of NEIRO also coincides with that of Simon’s Cat (CAT), a web cartoon turned into a meme.
The recent listing of NEIRO does not mean Binance will immediately host a spot market. However, this is the lowest-cap meme token to be singled out for representation on Binance. The event caused mixed reactions, from enthusiasm to claims of insider holdings.
During the most recent rally, NEIRO on Ethereum expanded its market cap to close to $200M. The token set up expectations for a rally of up to $1B in market capitalization. If this happens, NEIRO could rival the likes of Floki Inu (FLOKI), achieving the same price actions within days.
NEIRO is also approaching the trading volumes of POPCAT and BOME. it has already surpassed MEW and Toncoin-based DOGS. At one point, NEIRO’s trading volume was above $174M in 24 hours.
NEIRO is now on track to regain its all-time high of $0.26 achieved on August 8. Notably, the token has been resilient to the overall market correction even though it dipped to lows of $0.025. NEIRO’s recent fame seems to have come at the expense of the enthusiasm for WIF.
Wintermute serves as NEIRO market maker
As with many other tokens, NEIRO had a low enough liquidity and market cap at launch. So, most of the supply was sniped and held in whale wallets.
Recent on-chain data also reveals that Wintermute may be among the market makers for Neiro on ETH. In the past day, Wintermute interacted with the Gate.io exchange, with several incoming and outgoing transactions.
Two known Wintermute addresses are among the most active as seen via Bubblemaps data. Wintermute relays tokens to both Bybit and Gate.io, in a wallet cluster with high-frequency transactions.
Wintermute has been a market maker for other meme tokens in the past. After the recent transactions, Wintermute shrank its direct holdings to 2.8M NEIRO, though at one point the wallet held as much as 15M NEIRO. Wintermute’s behavior was seen as direct accumulation, but it has transformed into active, high-frequency trading as of September 10. Wintermute currently lines up among top wallets, with 0.54% of the total NEIRO supply.
In the past months, Wintermute has also sniped and sold NEIRO, often causing a negative effect on price. During the current rally, as retail buyers add more tokens, Wintermute’s intervention is seen as bullish.
There are also traces that Wintermute has bought a part of Neiro on Solana, accumulating up to 2.75% of the supply. Allegedly, Wintermute has performed the buying for its own holdings. However, Wintermute has been known to take profits and not hold down to zero, often leaving the communities with deep losses.
Wintermute is one of the causes of the rollover among meme tokens. On the one hand, repeat buying helps take meme tokens out of their lows. However, the enthusiasm during the expansion stage also leads buyers to over-invest and absorb losses in the long run.
Cryptopolitan reporting by Hristina Vasileva
