Neiro Ethereum’s partnership with market maker DWF Labs and other holders like GSR Markets (33.52 million tokens) has sparked renewed interest.
Surprisingly, one of the most prominent holders of Neiro Ethereum has provoked gloomy views in the midst of a bull market by heavily dumping the dog-themed meme currency. The most recent data on the blockchain indicates that Wintermute, the token’s second largest holder, disposed of tokens valued at three million dollars.
This dump has caused significant investor concerns, which have been further strengthened by the diminished price movement of the coin in the midst of a more general bull market.
Top Neiro Ethereum Holder Offloads Over 100M Coins
Over the past three days, Wintermute has deposited 35 million Neiro Ethereum tokens to Bybit, amounting to $3.08 million, according to Arkham Intelligence’s information. It is important to note that the market maker continues to be the second largest holder of the cryptocurrency, holding 10.9% of the total supply, which is equivalent to 108.95 million tokens.
In addition, it is important to note that the same market maker completely removed 121.466 million of the same token from Bybit prior to the selloff that was described earlier, thereby becoming the second largest holder of this cryptocurrency that is based on the Shiba Inu dog breed.
Nevertheless, Wintermute is still the second largest holder of the asset, despite the fact that the selloff has brought about certain changes. Due to this dynamic, market players continue to experience anxiety, as the top holder may engage in future selloffs, potentially negatively impacting the price fluctuations of the well-known meme coin.
Meanwhile, the selloff of Neiro Ethereum has intensified market concerns, even though there is a positive sentiment surrounding top meme coins, as demonstrated by the remarkable growth of Dogecoin, Pepe coin, Bonk, and other tokens.
Token Price Remains Volatile
During the previous twenty-four hours, the price of NEIRO has been trading close to the flatline, and it has settled at $0.079 at the time of this report. The coin reached a low of $0.0753 and a high of $0.08385, respectively, during the course of the day.
Specifically, the weekly chart for the cryptocurrency displayed a drop of ten percent. In the wake of the selloff that was indicated before, this diminishing action has given rise to significant concerns in the market.
Nevertheless, a recent report disclosed that Neiro Ethereum has formed a partnership with the market maker DWF Labs, which has added investor interest in the potential price fluctuations of the cryptocurrency in the future.
Notably, GSR Markets, a well-known market maker, is another significant holder of the cryptocurrency. They currently have 33.52 million tokens in their possession. The combined holdings of Wintermute and GSR amount to 142.47 million tokens, which is equivalent to 14.25% of the entire supply.
