- GSR Markets recently withdrew 33.73 million NEIRO tokens from the Bybit.
- Data shows GSR Markets holds 7.41% of the total NEIRO supply.
- NEIRO rallied over 9,300% within one month.
Crypto trading firm GSR Markets pulled 33.73 million NEIRO tokens, worth $2.85 million, from the Bybit cryptocurrency exchange, according to Spot On Chain. The market maker has taken 74.13 million NEIRO tokens, or 7.41% of the total supply, from Bybit over the past 14 days.
Spot On Chain showed that the market maker holds $79.656 million in crypto, with NEIRO accounting for $6.267 million of the total holdings. Ten days ago, GSR Markets’ NEIRO holdings were worth $4.124 million after the firm took 25.4 million NEIRO tokens from Bybit.
Read also : Can NEIRO Make You a Millionaire in 2024? Price Analysis and Market Trends
For context, NEIRO is a relatively new memecoin with a massive total supply of one billion tokens. It doesn’t have a buy or sell tax, and the team didn’t receive an allocation. Most crypto users say NEIRO is driven by the community and speculation.
NEIRO Price Surges, GSR Markets Accumulates
NEIRO launched around the middle of this year and has rallied significantly, which is typical for new memecoins. TradingView’s data shows the dog-themed memecoin gained over 9,300% after rising from $0.00003118 in September to $0.0023333 by mid-October.
NEIRO was trading for $0.00178319 at the time of this writing, down 23.5% from its all-time high (ATH). Despite this pullback, GSR Markets’ withdrawals suggest the firm is accumulating NEIRO in anticipation of higher price levels.
Read also : Neiro Ethereum (NEIRO) Price Jumps on DWFLabs Partnership Announcement
Typically, crypto whales and major investors typically withdraw their assets from centralized exchanges when they expect prices to rise. This often shows they want to hold the assets for a long time. They tend to keep these assets in cold storage or on platforms that are protected from security risks and third-party control.
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