Whale Dumps $10M NEIRO: 13% Price Plunge Sparks Market Panic

NEIRO tanks 13% as crypto whale unloads massive $10 million position—triggering cascading sell-offs across exchanges.

Market Mayhem

Panic selling hit hard and fast. Retail traders scrambled to exit positions as the whale's sell orders flooded the market. Liquidity vanished faster than a banker's promise during a bull run.

Domino Effect

The dump created instant downward pressure. Stop-losses triggered, margin calls followed, and suddenly everyone remembered why they hate leverage. Classic crypto—where one whale's lunch becomes everyone else's famine.

Silver Lining Playbook

Volatility creates opportunity. Sharp dips often attract bottom-fishers looking for bargains. Just remember: in crypto, 'buying the dip' works until it doesn't—ask anyone who caught falling knives in 2022.

Whales gonna whale, markets gonna react. Nothing new here—just another Wednesday in digital asset trading.

Key Takeaways

Trend Research, a top holder with 67.08% of NEIRO’s supply, offloaded 129 million tokens worth $10 million. Meanwhile, retail investors offloaded 2.85 million tokens.

Since hitting $0.17 a month ago, Neiro on ethereum [NEIRO] has traded within a descending channel. 

As of this writing, NEIRO was trading at $0.067, marking a 13.3% decline on the daily charts. This bearish outlook has persisted across both weekly and monthly charts, with declines of 32% and 49.3%, respectively. 

Amid this strong downtrend, NEIRO’s top holder began selling.  

NEIRO: Top holder dumps 129 million tokens

According to Lookonchain, Trend Research, which holds approximately 67.08% of the total NEIRO supply, returned to the market to sell. 

The wallet deposited 129 million NEIRO tokens worth $10 million into Bybit. This holder accumulated 670 million tokens for $55.55 million between August 2023 and March 2024. 

Source: Lookonchain

At the time, NEIRO was selling at $0.083, and with the recent market dip, these tokens are being sold at a loss. 

Typically, when holders turn to selling at a loss, it signals a lack of confidence and a fear of incurring further losses. 

Retail selling activity intensifies too

Interestingly, NEIRO has faced vigorous selling activity from all market participants. According to Coinalyze data, the memecoin saw $2.85 billion in Sell Volume compared to $2.47 billion in Buy Volume. 

Source: Coinalyze

As a result, the memecoin recorded a negative Sell-Buy Delta of -379.16 million, a clear sign of aggressive selling. 

Exchange activities further echoed this selling trend. On the 4th of September, NEIRO’s Exchange FLOW Balance spiked to 129.57 million, indicating higher inflows.

Source: Santiment

Derivatives highly bearish

Notably, amid NEIRO’s price drop, participation in the derivatives market has skyrocketed. Per CoinGlass, Derivatives Volume jumped 226% to $53.5 million, while Open Interest declined 0.7% to $18 million. 

Source: CoinGlass

Typically, when volume rises while OI drops, it suggests investors have closed out positions quickly instead of holding.   

Surprisingly, the memecoin’s Long/Short Ratio dropped to 0.88, indicating higher demand for short positions. 

Thus, those entering the Futures market are shorting the market, expecting prices to drop further, which is a clear bearish signal.

More losses ahead?

According to AMBCrypto’s analysis, NEIRO has experienced strong downward momentum as sellers dominate the market.

Its Relative Strength Index (RSI) declined to 30, touching oversold territory. Likewise, the Positive Directional Movement Index (DMI) also fell to 14, while the negative index ROSE to 22.

Source: TradingView

Typically, when momentum indicators are in such a manner, they signal strong downward momentum and its likelihood to continue.

That said, if selling pressure from whales and retail persists, NEIRO will drop below $0.06 and find support around $0.057.

However, if bears get exhausted, and bulls jump to buy the dip, fresh demand will boost a recovery towards $0.089.