Neiro has fallen by 15.76% over the past week. The new wallet will accumulate 13.64 million tokens worth $1.029 million.
Neiro on Ethereum (NEIRO) has experienced a sharp decline over the past week after a sustained rally. In fact, at the time of writing, NEIRO was trading at $0.001552. It has fallen 3.78% in the past day.
Also, Memecoin fell by 15.76% on weekly chart.
This drop last week presented an opportunity for investors to buy on the spur of the moment. Therefore, Lookonchain observed that new wallets started accumulating NEIRO during this decline.
NEIRO sees accumulation increasing
According to Lookonchain, the new wallet was actively accumulating tokens. Blockchain observers shared this observation through their official X page, stating:
“Wallet ‘0xec6b’ was created yesterday and withdrew 230.4 $ETH($575,000) from #OKX and purchased 8.23 million $NEIRO. Wallet “0xd753” was created yesterday and 5.41 million $NEIRO ($453K) was withdrawn from #Gateio.
A total of 13.64 million NEIRO tokens (worth $1.029 million) were accumulated in these new wallets. Typically, when a new wallet starts accumulating tokens, it shows an increase in interest and demand.
When the market performs poorly, new investors enter the market in hopes of rising prices.
Purchasing activity creates purchasing pressure, which further increases prices through supply pressure. So the question is, can these accumulations help push prices higher?
What is the impact on the price chart?
Although increased accumulation plays a key role in changing market dynamics, NEIRO’s short-term data tells a different story.
For example, the supply of tokens outside exchanges has fallen from a high of 165.75 billion tokens to 133.78 billion tokens over the past month. This decline suggests that investors are reducing their holdings by depositing NEIRO tokens on exchanges.
This phenomenon is evidenced by the fact that the supply on exchanges has increased during this period. Exchange supply rose from 254.98 billion to 286.9 billion, according to Santiment data.
This suggests that most investors are preparing to sell their assets, which could lead to selling pressure.
Additionally, NEIRO’s daily active addresses have decreased from 2390 to 219 over the past three weeks. This suggests a decline in participation, interest, and demand, indicating investor apathy and lack of confidence in the memecoin’s prospects.
What’s next for meme coins?
Although these new wallets were introduced to the market, NEIRO needed more activity and events to accelerate price growth. This accumulation has not had a positive impact on the price chart so far.
Read Neiro on ETH (NEIRO) Price Prediction 2024-25
In the current situation, Memecoin is likely to fall further unless further buying opportunities arise. Therefore, Memecoin may fall to find the next support at $0.001355.