According to data from The Data Nerd, leading market maker Wintermute has increased its holdings in NEIRO, a memecoin launched on the Ethereum blockchain. Accordingly, in the last 24 hours, Wintermute withdrew 4.34 million NEIRO coins worth approximately $736,000 from cryptocurrency exchange Gate.
NEIRO Increases Its Assets to 5.74 Million Coins
The move brings Wintermute’s total NEIRO holdings to 5.74 million coins, worth $957,000. The company’s current holdings represent about 0.5 percent of NEIRO’s total supply. Wintermute’s holdings in the memecoin have led to speculation that the company may be acting as a market maker for the coin, which is known for its controversial status in the cryptocurrency world.
Wintermute is known for its role as a market maker in various cryptocurrencies, providing liquidity and facilitating smoother trading experiences across a wide range of exchanges. The fact that such a company is accumulating NEIRO suggests a strategic interest in the coin despite its meme status and high volatility.
The Data Nerd, a popular X account known for following important movements in the cryptocurrency market, shared the details of Wintermute's approach to NEIRO and included the following statements: "There is a market maker Wintermute on Ethereum, NEIRO, a memecoin. In the last 24 hours, Wintermute withdrew a total of 4.34 million NEIRO ($736,000) from the Gate exchange. It currently holds 5.74 million NEIRO coins ($957,000), corresponding to 0.5 percent of the supply."
NEIRO Rises with the News
NEIRO’s presence in the market has been closely monitored due to its classification as a memecoin, which typically means higher risk of price manipulation and speculative trading. The presence of a major market maker like Wintermute could potentially stabilize the price of the memecoin or alternatively lead to increased volatility depending on the company’s trading strategies.
Market makers like Wintermute play a critical role in the cryptocurrency market by buying and selling assets to provide liquidity, reduce spreads, and maintain stable trading environments. However, their actions can also significantly impact market dynamics, especially when they hold a significant percentage of a memecoin’s total supply.
In fact, after the purchase news emerged, NEIRO's price increased by over 20 percent in the last 24 hours and is currently trading at $ 0.1909. It should be noted that the all-time high in Memecoin was reached at $ 0.2986 on August 7, 2024, and it is priced 36.95 percent below this level at current prices.
