Neiro Faces Uncertainty as Major Holder Dumps $3 Million Worth of Tokens

In a surprising turn, the second-largest holder of First Neiro on Ethereum has sparked concerns among investors by dumping a significant portion of their holdings during a bullish phase in the crypto market.

Wintermute, a key market maker, recently offloaded $3 million worth of NEIRO, sending ripples of uncertainty through the market and raising questions about the token’s future.

Recent data from Arkham Intelligence reveals that Wintermute transferred 35 million Neiro Ethereum tokens, valued at approximately $3.08 million, to the Bybit exchange over the past few days.

This sale follows a large withdrawal of 121.5 million tokens from the exchange, which solidified Wintermute’s position as the second-largest holder, controlling nearly 11% of the total supply.

Although Wintermute remains a dominant player in the Neiro Ethereum market, the selloff has left many worried about the potential for further large-scale sales.

These moves have added to investor unease, especially as Neiro Ethereum’s price has struggled to keep pace with other meme coins, which have been experiencing notable gains. Despite the overall bullish sentiment surrounding meme tokens, the recent selloff of Neiro Ethereum has amplified fears of a price decline if more tokens are sold in the future.