As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The recent correction trend is reminiscent of the 2018 bear market, where many promising projects were swept away by the tide.
Recently, the crypto market has seen a new downtrend with Bitcoin dipping below $60k on Tuesday, sparking concern. Meanwhile, as bearish sentiment builds, the NEIRO token experienced substantial sell-offs, while meme coins like PEPE, SHIB, and FLOKI are garnering attention due to increased exchange deposits.
NEIRO Faces Scrutiny After Insider Sell-Off
The cryptocurrency token NEIRO on the Ethereum blockchain is under closer examination due to reports that insiders allegedly sold around $9 million worth of these tokens. According to Bubblemaps Analytics, this sale represented about 10% of the initial total supply being offloaded.
As a crypto investor, I’ve been pondering over the control of this particular token. Bubblemaps have shed light on a concerning fact: an astounding 78% of the total supply was quickly acquired during the launch and dispersed across numerous wallets. This raises questions about fair distribution and long-term sustainability.
UPDATE: Insiders have now sold ~$9M of $NEIRO
10% of the supply liquidated by initial snipers
But don’t worry, buyback is coming
— Bubblemaps (@bubblemaps) August 27, 2024
Exchange Inflows for PEPE, SHIB, and FLOKI Signal Potential Sell-Off
Based on Santiment’s findings, meme coins like PEPE, SHIB, and FLOKI have seen a sudden surge in tokens moving to exchanges. This type of inflow usually means holders are transferring their tokens from wallets to trading platforms, possibly suggesting they plan to sell. Given the recent NEIRO sell-off and the overall bearish market sentiment, this activity lines up with the current downward trend, hinting that investors may be looking to cash out if the downturn continues into September.
Over the past five days, the price of Shiba Inu dropped from $0.0001612 to $0.00013, representing a decline of 15%. Currently, its price stands 84% lower than its all-time high of $0.00008845. The market capitalization hovers around $8.07 Billion. Today, there was an increase in exchange inflows reaching 256.34 Billion SHIB, indicating a potential forthcoming sell-off.
Additionally, the value of Pepe coin dropped significantly, going from $0.00000986 to $0.00000778 – representing a decrease of 21% due to recent market adjustments. This cryptocurrency based on a frog theme has seen a fall of 55%, moving from $0.00001718. Currently, it maintains a market capitalization of approximately $3.24 Billion. Furthermore, the inflow of Pepe coins on exchanges reached a peak of 700.78 Billion PEPE.
In simpler terms, the popular meme cryptocurrency known as Floki, associated with the play-to-earn game Valhalla in the metaverse, has maintained its value at around 0.00014 despite recent market adjustments. Yet, a significant amount of Floki tokens (approximately 11.6 billion) were exchanged on Tuesday, which could signal an increase in selling activity. At present, one Floki token is being traded for about 0.000155, and the total value of all existing Floki tokens is approximately $1.489 billion.
As an analyst, I foresee that if the cryptocurrency market experiences an extended correction in September, I might observe a wave of speculators liquidating their positions in the mentioned coins. This mass exit could amplify the selling pressure, potentially causing a significant downturn for the NEIRO token as well.
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2024-08-28 19:40