Insiders have reportedly sold 10% of the total supply of Neiro (NEIRO) meme tokens, causing selling pressure on one of the most active Ethereum-based versions. This version is considered the original, although it launched shortly after a similar token on Solana. The selling comes after weeks of warnings regarding insider control over the tokens.
Significant sell-off observed on Ethereum
The selling activity occurred on decentralized exchanges, resulting in approximately $9 million worth of sales. Bubblemaps, an on-chain analytics tool, observed that these tokens were sold by insiders who had sniped the initial supply, even though the Neiro project aimed for a fair distribution.
The sell-off brought NEIRO’s price to $0.09, a middle range for its recent trading history. Despite this pressure, the token has not experienced dramatic crashes or rug pulls, allowing it to maintain its status as a potential long-term community token.
The Neiro token on Ethereum aims to become the dominant meme asset in a crowded market of dog-themed tokens. Inspired by the real-life dog Neiro, the heir to Kabosu, the Shiba Inu that inspired Dogecoin (DOGE), this meme token strives to outcompete other assets. Following the announcement of NEIRO on Ethereum, around 30 versions of the token emerged, with many losing value or failing to gain traction. However, the Ethereum-based NEIRO has garnered the most social media attention and content production.
Bubblemaps data indicates that while some wallets holding insider tokens have reduced their activity, trading volume on platforms like MEXC and Gate.io remains high. Bubblemaps also highlighted that many wallets hold around 0.5% of the supply, warning that early buyers who sniped most of the supply may continue selling. However, some see the sell-offs as an opportunity to buy at lower prices, especially if NEIRO solidifies its status as a popular meme token.
Community response to sell-off remains calm
Despite the selling pressure, the NEIRO community has remained calm. Many consider the $9 million sell-off a minor event in the token’s overall trajectory. After its launch, the token experienced a rapid increase in market capitalization, leading some to view the Bubblemaps discovery of connected wallets and insider selling as a “bottom signal.” This viewpoint is shared by many who believe that similar episodes have only made other meme tokens stronger over time.
The sell-off has led to a balance of buyers and sellers, as seen in Dextools trading data. While some community members view the news as fear, uncertainty, and doubt (FUD), others believe it does not reflect the token’s full potential. Moreover, the recent market correction, which saw Bitcoin (BTC) fall below $60,000, did not significantly impact NEIRO and other meme tokens, suggesting resilience in the face of broader market downturns.
Solana-based versions also see activity
The Solana-based versions of Neiro are also experiencing significant on-chain activity. Linked wallets are reportedly moving funds among themselves, further indicating heightened activity around the various versions of the Neiro token.
As meme tokens continue to evolve alongside Bitcoin and market trends, any dip could present a high-risk entry point for potential recovery. Whether on Ethereum or Solana, NEIRO’s journey remains one to watch.