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Wintermute, a prominent algorithmic crypto trading firm, has started aggressively accumulating Neiro On Ethereum (NEIRO), one of the hottest meme coins.
Its accumulation spree started earlier this month. Now, the firm holds nearly 62.5 million tokens. This sum represents more than 6% of the total NEIRO supply.
Earlier this week, NEIRO experienced a massive triple-digit price surge after being listed on the Binance exchange. Its market cap surged above the $200 million threshold.
According to data provided by CoinMarketCap, the token is currently down 28.32% over the past week. It is currently trading at $0.11, with its market cap sitting at $110 million.
Neiro is the name of the new canine companion of Kabosu owner Atsuko Sato. Kabosu, the Shiba Inu dog that inspired the Doge meme, passed away in late May. Sato has made it clear that she is not affiliated with any of these meme cryptocurrencies. Of course, there is also a meme coin that is named after her.
Since the demise of the FTX exchange, Wintermute has emerged as the top market maker.
Last year, it recorded a 400% jump in OTC volumes. This coincided with crypto exchanges seeing a rapid decline in trading volumes.
Earlier this year, Wintermute announced that it would provide liquidity for Bitcoin and Ethereum exchange-traded funds (ETFs) that were launched by Hong Kong-based issuers.
In July, The Information reported that Wintermute was Robinhood's leading crypto maker in Q1. The firm was reportedly having discussion about raising additional funding.