Whale activity spikes for $NEIRO as large holders like GSR Markets and bwecapital.eth increase their positions.
A $SHIB whale sells 17.5M $NEIRO at a 55% loss, while others like Whale 0x00d profit with a $247K gain.
Neiro distances itself from Gotbit due to legal concerns, while committing personal funds to maintain market-making.
According to recent data from Spotonchain, NEIRO token has seen significant market activity, with whales making notable moves after a breakout from its accumulation phase. At the same time, Neiro has announced a critical decision to end its partnership with market-making firm Gotbit, following legal concerns involving U.S. authorities.
https://twitter.com/spotonchain/status/1845305127894499604
Whale Activity: Accumulation and Profit-Taking
Whale activity surrounding $NEIRO has increased, especially among large holders. GSR Markets now holds 40.4 million $NEIRO, representing 4.04% of the total supply, with the latest accumulation occurring two days ago. Additionally, a smart trader, identified as 0xe9f, sold $1 million worth of $OM and $ATH tokens three hours ago, securing 8.45 million $NEIRO in the process.
Another important activity, bwecapital.eth, accumulated 4.065 million $NEIRO two days ago, which represents 0.4% of the circulating supply. On the selling side, one entity, known for generating $145 million in profit from SHIB, offloaded its entire holding of 17.5 million $NEIRO, incurring a loss of $1.49 million, a notable 55% dip, five days before a price pump. Moreover, Whale 0x00d deposited 4.7 million $NEIRO to Bybit in the last 17 hours, earning a $247K profit (+87%).
Neiro Cuts Ties with Gotbit Amid Legal Troubles
On the corporate side, Neiro has formally severed its relationship with Gotbit, a former market-making partner, after allegations emerged regarding Gotbit’s involvement in “pump and dump” schemes.
U.S. authorities accused Gotbit of manipulating token prices by selling more tokens than it purchased, leading to severe losses for investors. Neiro clarified that these legal issues do not directly involve their project. However, they decided to distance themselves to safeguard the integrity of their community.
Neiro’s CTO has committed personal funds to maintain market-making activities while the company searches for a new partner. According to Neiro, future partnerships will align more closely with the company’s long-term vision and community interests.
Community Concerns and Investigation
The decision to partner with Gotbit raised concerns within the crypto community, particularly from blockchain investigator Zachxbt. He questioned why Neiro would collaborate with a firm known for manipulating token prices and creating artificial FOMO. In September 2023, Zachxbt had warned against projects working with Gotbit, noting its history of inflating prices for short-term profit, often leaving investors with losses.
