$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.
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.
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.
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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: gorodenkoff/123RF // Image Effects by Colorcinch
The Fresh New Memecoin Leaving Rivals (PEPE) and (BONK) For Dead A new memecoin has…
The world of finance is going through a seismic shift, and at the heart of…
Discover How Qubetics Solves Blockchain Fragmentation with Interoperability and Provides Early Access Through Its Whitelist…
The much-awaited Ether ETF launch was expected to play a massive role in Ethereum’s (ETH)…
Amid the ongoing market-wide correction, decentralized exchanges on Ethereum (ETH) have recorded substantial increments in…
It's the season of bears in the crypto market, and even the top altcoins are…