The price of First Neiro on Ethereum has increased by 2,779% in the last 30 days. This development has prompted a whale who has already made $145 million profit from Shiba Inu (SHIB) to buy the new memecoin.

The crypto whale in question initially bet big on Neiro Ethereum (NEIROETH), but after holding it at a loss, liquidated into another NEIRO, which has been performing better. This analysis examines the significance of the whale’s position and everything else that is happening with the asset

Whale takes 55% loss on NEIROETH to make $2.67 million

The whale initially invested in 17.5 million NEIROETH, only to sell it at a 55% loss — a move that cost him $1.49 million. However, he has since acquired 841.6 million NEIRO for $1.45 million, bringing his total token holdings to 3.85 billion, valued at $6.51 million.

Despite the previous loss, the whale now enjoys $2.67 million in unrealized gains, reflecting a 67% increase.

NEIRO Accumulation by Crypto Whale. Source: Spot On Chain

The decision to choose NEIRO over NEIROETH may be linked to the recent performance of each. While Neiro on Ethereum gained prominence before First Neiro on Ethereum, the latter’s listing on Binance gave it the edge.

As a result, NEIRO’s price has been soaring while the former continues to hit new lows. Meanwhile, an analysis of the memecoin’s volume shows that it has surpassed $1 billion for the first time since its launch.

This increase indicates growing investor interest in the token. Along with the volume, the price of NEIRO, which is $0.0017, has increased by 16.67% in 24 hours. If the volume continues to increase along with the price, then NEIRO could rise even further in the short term.

Volume do First Neiro no Ethereum. Fonte: Santiment

Despite the price increase, on-chain data from Santiment shows that holders have yet to take large profits. On September 16, the daily trading volume in profit was 448.98 billion. Today, that number is less than 5 billion, indicating that NEIRO is facing less selling pressure and has a higher chance of appreciation.

First Neiro Ethereum Transaction Volume in Profit. Source: Santiment

Read more: The Rise and Fall of Memecoins: How Will They Impact the Crypto Market in 2024?

Price forecast

From a technical perspective, the MACD is positive. The indicator uses the difference between the 12-period and 26-period Exponential Moving Average (EMA) to measure momentum. When the indicator reading is positive and the blue line is above the orange lines, momentum is bullish and the price could rise. Conversely, a negative reading indicates bearish momentum, which could lead to a pullback.

On the 4-hour chart, NEIRO appears to be facing resistance at $0.0017. However, considering the current momentum, it could break above this zone. Once that happens, the price could surge beyond $0.0018 and move above $0.0020.

First Neiro 4-hour analysis on Ethereum. Source: TradingView

Meanwhile, this prediction could be invalidated if the token struggles to break above $0.0018. In such a scenario, the memecoin’s value could drop to $0.0015.

The article Whale invests and makes millions with unknown memecoin was first seen on BeInCrypto Brasil.