In an unusual development in the crypto market on Saturday, a crypto whale attracted attention by purchasing a large amount of the Shiba Inu-themed meme token called Neiro Ethereum (NEIRO). This transaction, which had a great impact in the market, caused the price of the meme coin NEIRO to rise, while also increasing investors’ optimism about potential future earnings.
Meme coin investment attracted attention
On-chain data revealed that a new meme coin whale purchased approximately 8 million NEIRO tokens, causing a positive movement in the token price. Last week, NEIRO price increased by 46 percent, while daily gains reached up to 23 percent. While this increase in the market was welcomed with enthusiasm, especially by a wide range of investors, predictions that the token could bring profits in the future increased.
In particular, according to Spotonchain data, the whale, which withdrew 8.02 million NEIRO tokens from the crypto exchange Bitget on November 2, attracted attention in the market. This transaction was made by address 0x944, where the whale was previously known for making hundreds of thousands of dollars in profits from meme tokens such as WOJAK and TURBO. Whale’s past successful trading strategies have created great expectations among investors. The whale currently holds approximately $0.5 million worth of MAGA and a small amount of ETH. The positive impact of these moves on the NEIRO price had wide repercussions in the crypto community.
NEIRO’s rise draws attention
NEIRO’s weekly price increase has reached 46 percent and it is currently trading at $0.09468. While its daily gains reached up to 23 percent, the daily low and high prices of the token were at $0.07567 and $0.1026, respectively. This upward trend gained momentum, especially as large investors bought the token in large quantities. In the last 24 hours, NEIRO’s trading volume increased by 48 percent, reaching 47.05 dollars million. According to Coinglass data, NEIRO’s futures open interest (OI) increased by 24 percent to $71.89 million. Additionally, the token’s derivative trading volume increased by 56% to $1.16 billion, indicating increased investor interest in this asset.
These figures indicate that NEIRO has the potential to meet market expectations. Meanwhile, reports also stated that Neiro Ethereum has partnered with market maker DWF Labs. This collaboration further consolidates NEIRO’s market position. This partnership, which was followed with great curiosity in the cryptocurrency market, strengthened the expectations that the token could gain more value in the future. Market commentators continue to closely monitor the token’s future movements in light of the buying pressure on NEIRO and new developments.
