A famous SHIB trader swapped his NEIROETH tokens for NEIRO and made a potential profit of over 67%, which incites market volatility.
A renowned Shiba Inu trader, renowned for amassing $145 million in profits, is again generating excitement in the broader crypto market. This time, the trader has garnered attention by selling their holdings of Neiro Ethereum (NEIROETH) and instead choosing First Neiro on Ethereum. In intraday trading, the transaction has resulted in a 19% increase in the price of NEIRO, which has fueled additional optimism regarding the token’s future.
According to on-chain data provided by Spot On Chain, the SHIB trader offloaded $1.22 million worth of NEIROETH on October 8. This represents a 55% loss after holding the cryptocurrency for a month. Nevertheless, the trader’s transition to NEIRO was expedited, as they acquired $1.45 million in NEIRO within 24 hours, bringing their total NEIRO holdings to a substantial $6.51 million.
NEIRO Price Rally
At the time of publication, NEIRO is trading at $0.00172, a significant increase of 19.4% in the past 24 hours. Recently, the token has demonstrated remarkable performance, with weekly gains reaching nearly 52%. Monthly gains indicate an astonishing 3000% increase.
The token’s trading volume increased by 56% in the past 24 hours, reaching $1.16 billion, in addition to its price increase. This suggests an increasing interest in NEIRO as more investors attempt to capitalize on its upward trajectory.
NEIRO’s futures open interest (OI) has increased by 23.66%, reaching $168.43 million, according to CoinGlass data on the derivatives side. The derivatives volume also increased by 82.74% in the past day, reaching $4.09 billion, further emphasizing the belief that NEIRO is on a solid uptrend and the increased investor activity.
On September 16, Binance, the world’s largest cryptocurrency exchange, listed NEIRO. However, the token was identified with a “Seed Tag,” which warned investors about its high volatility and risk. This listing further bolstered the token’s price momentum and on-chain activity, and many now anticipate that NEIRO will continue to outperform in the near term.
This seasoned SHIB trader is also sitting on a 32% unrealized profit from holding $4.61 million worth of Fetch.ai (FET) in addition to NEIRO. Furthermore, the trader’s continued possession of 477.5 billion SHIB tokens implies they anticipate an additional potential rally in the meme cryptocurrency.