NEIRO has recently become popular among investors and traders after exiting the accumulation phase. The digital currency price went above the accumulation range, which can be an indication of a bullish run. With the increased activity of whale investors, market participants focus closely on the recent developments around the token.
$NEIRO (@NeiroOnEthereum) appears to have broken out of the accumulation phase, with whales becoming noticeably more active!Hereâs a snapshot of the recent attention-worthy activities:On the buy side:1/ #GSRMarkets now holds 40.4M $NEIRO, or 4.04% of the total supply. The⊠https://t.co/ibkritf3dR pic.twitter.com/U1pm1bftT7
â Spot On Chain (@spotonchain) October 13, 2024
NEIROâs Accumulation Phase Breakout: What It Means
The accumulation phase was identified to be over with a price of $0.1182. This movement shows an astonishing increase of up to 723.04% from the lowest point of the token. Finally, the breakout is regarded as a bullish signal, implying that the cautious accumulation phase is over.
The Accumulation Phase: A Period of Stability
Over the last several weeks, NEIROâs price stayed locked in a relatively narrow range. In this period, price volatility remained low, mainly due to investors patiently accumulating their positions in the asset, with it trading from $0.09 to $0.10 in late September. This phase is usually observed preceding major price changes and is a crucial point for traders.
Whale Activity Sparks Market Movement
One of the reasons people are engaging with this token is the rising activity of whales. According to on-chain data, several notable transactions have been recorded:
GSR Markets now possess around 40.4M NEIRO, which is equal to 4.04% of NEIROâs total supply; the most recent accumulation occurred only two days ago.
Smart Trader 0x9f sold $1,000,000 worth of $OM and $ATH to make the first 8,450,000 NEIRO as an investment signal.
BWECapital.eth increased its holdings by 4.065M NEIRO or 0.4% of the total circulating supply two days ago.
These actions indicate increased optimism about the future of NEIRO from large investors, especially during this growth period. Increased whale activity is generally attributed to positive sentiment in the crypto market, specifically showing expected rising prices.
Sell-Side Actions: A Balancing Act
However, not all investors seem to afford themselves the luxury of being bullish. On the sell side, certain whales have taken profits:
An entity showing a $145M profit from $SHIB sold all 17.5M NEIRO at a $1.49M loss within days of the recent rally.
Whale 0x00d traded 4.7M NEIRO ($531K) in Bybit and made $247K or 87% gain in the past 17 hours.
With the coin entering a new phase, investors will closely monitor the tokenâs performance. Will the token continue the rally, or will the impact of whales bring volatility? As for the future of the market, nobody knows for sure, but at the same time, the market does not lose hope for its further development.
