blockchainreporter.net
In a recent tweet, cryptocurrency trader Vida (@Vida_BWE) announced that he had accumulated a significant stake in $NEIRO, equating to 0.4% of the token’s circulating supply. The trader expressed optimism about the token’s potential, suggesting it could follow in the footsteps of other popular meme coins like $PEPE, with a potential for rapid price appreciation.
Vida(@Vida_BWE) tweeted that he accumulated a spot bag of 0.4% circulating supply of $NEIRO(@NeiroOnEthereum).
— Lookonchain (@lookonchain) October 11, 2024
He believes $NEIRO will be the next $PEPE.
One of his wallets "bwecapital.eth" withdrew 4.06M $NEIRO($314K) from #Bybit 13 hours ago.https://t.co/1P4PyUQmGH pic.twitter.com/sW83lwfXkt
Blockchain data reveals that one of Vida’s known wallets, “bwecapital. eth,” recently successfully transferred 4.06 million $NEIRO (valued at approximately $314,000) from Bybit. The withdrawal, made 13 hours ago, signals a move to self-custody or preparations for a strategic market play. Such large transactions often spark interest among investors, potentially influencing market sentiment and trading behavior.
Positioning $NEIRO as a Low-Market Cap Opportunity
$NEIRO currently has a market capitalization of $73 million on derivative trading platforms like Binance perp and Bybit perp, making it one of the smallest market-cap meme coins on Binance’s derivatives markets. Vida pointed out that the relatively low valuation offers a more accessible entry point for market participants looking to capitalize on a potential rally. Vida also highlighted how access to perpetual markets on centralized exchanges (CEX) could incentivize market manipulation by making it easier for traders to inflate prices. He described this environment as conducive to the “musical chair game” often seen in highly speculative assets.
Vida’s analysis extends beyond market metrics, touching on the community dynamics behind $NEIRO. He noted that while $NEIROOCTO, a related token, commands a $600 million market cap, $NEIRO’s significantly smaller valuation at $73 million makes it a cheaper and more manageable target for potential price pumping.
The trader emphasized that this investment is speculative and represents only a tiny fraction of his overall portfolio. He warned followers against copying his trades without conducting their research, acknowledging the high risk involved and his willingness to accept potential losses from $100,000 to $200,000.
The recent developments surrounding $NEIRO, including Vida’s substantial accumulation and strategic positioning, highlight the growing attention toward the token. With claims of $NEIRO potentially becoming the next big meme coin, the market will closely watch for further movements as the token’s low market cap and community engagement continue attracting speculative traders.