Insiders sold 10% of Neiro (NEIRO) after sniping the initial supply

Neiro Meme Token (NEIRO) Faces Insider Selling

Neiro (NEIRO) meme tokens have experienced selling pressure as insiders sold their profits. This occurred for the Ethereum-based version of NEIRO, considered the original token.

Insider Selling on Ethereum-Based NEIRO

The Ethereum-based version of Neiro, launched shortly after the Solana version, faced insider selling. Recent on-chain activity revealed sales of $9 million. These holdings originated from early sniping.

Market Impact and Community Reaction

Despite the selling, NEIRO maintained a price of $0.09. It has avoided significant price swings or crashes and may emerge as a community token with a long-term history.

NEIRO's Positioning

NEIRO on Ethereum aims to be the dominant dog-based meme token, inspired by the real-life dog Neiro, the heir to Kabosu, the Shiba Inu that inspired Dogecoin (DOGE).

Insider Sales and Market Dynamics

While personal wallet selling has subsided, exchanges like MEXC and Gate.io have witnessed increased activity. Data indicates a concentration of wallets with 0.5% of the supply, raising concerns about potential future sales.

Buying Opportunity and Market Sentiment

The sell-offs may offer an opportunity to purchase NEIRO at lower prices. If it becomes an established meme token, it could attract investment as other memes decline.

Competition and Market Dominance

Various versions of NEIRO are competing for dominance. The cutoff for success is typically a market cap of $1 billion. NEIRO on Ethereum has the strongest social media presence and content production.

Reaction to Sell-Offs

The Ethereum-based NEIRO sell-offs are considered minor within the community. The asset has also experienced the fastest market cap growth since its launch.

Bottom Signal and FUD

The discovery of connected wallets selling is seen as a "bottom signal." Similar selling episodes have occurred with other meme tokens, which have subsequently rebounded. The selling pressure is also viewed as fear, uncertainty, and doubt (FUD) rather than an accurate reflection of the token's potential.

Correlation with Broader Market

Meme tokens typically follow Bitcoin (BTC) and market sentiment. However, during recent corrections, NEIRO and other meme tokens remained relatively stable.

Heightened Activity on Solana-Based Neiro

Major Solana versions of Neiro are also experiencing increased on-chain activity. A significant version has $1.3 million in DEX liquidity, while the main Solana version has $1.7 million in Ethereum's version.

Overall Market Dynamics

The meme token market has remained stagnant in recent months, hovering around $40 billion in total valuation. The popularity of new memes depends on luck and community hype. Neiro remains relatively small compared to recently launched tokens like DOGS, which has a valuation exceeding $880 million after its launch.