$NEIRO on Ethereum (@neiro_ethereum) has recently crossed the $100 million market cap milestone, but its growth is heavily influenced by insider control.
A staggering 78% of the supply was sniped at launch and distributed across multiple wallets, making it challenging to trace ownership and profits.
$NEIRO on ETH (@neiro_ethereum) is heavily controlled ⚠️
78% of the supply was sniped at launch and spread out among many wallets.
Insiders already made $4.5M and still own 66% 🧵 ↓ pic.twitter.com/dEwiuE3Gu2
— Bubblemaps (@bubblemaps) July 30, 2024
Insiders have already realized $4.5 million in profits and still control 66% of the supply. On July 27th, 80 addresses simultaneously sniped 77.7% of the supply, with each address limited to holding around 1%.
Instead of selling directly, these insiders spread their tokens across 400 different addresses, ensuring that no single transaction exceeded $3,000. This meticulous distribution strategy complicates the calculation of realized profits.
Looks Like 11% Of $NEIRO Supply Is Sold
Despite these efforts, estimates suggest that 11.7% of the supply has been sold, totaling approximately $4.5 million at an average market cap of $40 million, according to BubbleMaps.
Further insights from iCrypto reveal that Wallet 0xfbe1 might belong to an insider who bought $NEIRO just two hours after its creation. This wallet made a single purchase of $50 for 10 million $NEIRO, which has since surged by 2200% in value. Subsequently, Wallet 0xfbe1 transferred 5 million $NEIRO each to Wallets 0x1935 and 0xb017. These two wallets currently hold a combined total of 10 million $NEIRO, valued at approximately $1.1 million.
From $50 to $1,100,000 in 3 days with $NEIRO
Do you believe Smart Money can do that?
Explore this thread 🧵and watch closely about $NEIRO here: https://t.co/DvSgK6trE4#iCrypto pic.twitter.com/lr3tDhetUZ
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) July 31, 2024
The concentrated control and strategic distribution of $NEIRO tokens underscore the significant influence insiders have over its dynamics. As $NEIRO continues to grow, potential investors should be aware of these factors and consider the implications of such heavy insider involvement.
While $NEIRO’s market performance appears impressive, the underlying control mechanisms highlight the importance of transparency and caution in the rapidly evolving crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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