As a seasoned analyst with years of experience in the cryptocurrency market, I find the recent moves by Wintermute, a prominent algorithmic trading firm, particularly intriguing. Their aggressive accumulation of Neiro On Ethereum (NEIRO) tokens, representing over 6% of the total supply, is a strategic play that suggests a bullish outlook on this meme coin.
It’s been reported that the well-known algorithmic cryptocurrency trading company, Wintermute, is actively buying up large amounts of Neiro On Ethereum, a highly popular meme coin.
The company began amassing tokens earlier this month, now holding approximately 62.5 million tokens in total. This amount exceeds 6% of the entire Neiro supply.
Just a few days ago, NEIRO saw an enormous jump in price, exceeding triple digits, following its listing on Binance. This listing propelled its market value over the $200 million mark.
Based on information from CoinMarketCap, the token has dropped by approximately 28.32% in the last seven days. Right now, it’s being exchanged for around $0.11, and its total market capitalization stands at about $110 million.
Atsuko Sato recently welcomed a new dog named Neiro as her pet, following the passing of Kabosu, the Shiba Inu who became famous for inspiring the Doge meme in late May. Contrary to some speculations, Sato has no ties to any meme-based cryptocurrencies. There is, however, a cryptocurrency coin that bears her name.
Since the demise of the FTX exchange, Wintermute has emerged as the top market maker.
Last year, it recorded a 400% jump in OTC volumes. This coincided with crypto exchanges seeing a rapid decline in trading volumes.
Previously, Wintermute disclosed its intention to supply liquidity for Bitcoin and Ethereum ETFs (Exchange-Traded Funds), which had been introduced by financial institutions based in Hong Kong.
In July, I learned from a report by The Information that Wintermute had been the top cryptocurrency provider for Robinhood during the first quarter. Subsequently, it was rumored that the company was considering seeking extra funding to further strengthen its position in this rapidly evolving market.
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2024-09-19 19:41