The crypto market witnessed a fresh corrective trend as pioneer cryptocurrency Bitcoin fell below $60,000 on Tuesday. Amid growing bearish momentum, the NEIRO token saw massive liquidation, while popular meme coins PEPE, SHIB, and FLOKI caught the market’s attention due to significant exchange inflows.
NEIRO under observation after insider sell-off
NEIRO, a token on the Ethereum blockchain, is under increasing scrutiny as insiders have allegedly sold about $9 million worth of tokens. According to Bubblemaps Analytics, this sell-off represented 10% of the total supply that the original spinner liquidated.
However, concerns about the token’s control are growing, as Bubblemaps revealed that 78% of the supply was diverted at launch and distributed across different wallets.
UPDATE: Insiders have now sold ~$9 million $NEIRO
10% of the offer liquidated by first snipers
But don’t worry, the buyback is coming 🤡 https://t.co/oTLJEMcdde pic.twitter.com/igTQbn77Mj
— Bubblemaps (@bubblemaps) 27 August 2024
Exchange inflows for PEPE, SHIB and FLOKI signal potential sell-off
According to Santiment data, popular meme coins PEPE, SHIB, and FLOKI experienced a sudden surge in exchange inflows. Usually, a surge in exchange inflows indicates that holders are transferring their tokens from wallets to exchanges, potentially indicating an intent to liquidate. During the NEIRO sell-off, the activity is consistent with the current bearish sentiment and suggests that investors could lock in their profits if the corrective trend continues in September.
Shiba Inu price fell from $0.0001612 to $0.00013 in the last five days, recording a loss of 15%. The coin price has fallen 84% from its all-time high of $0.00008845, while the market cap is hovering at $8.07 billion. Earlier today, exchange inflow rose to 256.34 billion SHIB, projecting the risk of an impending sell-off.
Furthermore, the price of Pepe coin fell from $0.00000986 to $0.00000778 – a 21% drop amid the recent market corrections. The frog-themed cryptocurrency has fallen 55% from $0.00001718 while holding a market cap of $3.24 billion. Exchange inflows rose to a high of 700.78 billion PEPE.
Floki – the famous Play-to-Earn (P2E) metaverse game Valhalla, has managed to withstand the market correction and held the support of $0.00014. However, exchange inflow reached 11.6 billion FLOKI on Tuesday, raising concerns about potential selling pressure. FLOKI price is currently trading at $0.000155 while the market cap stands at $1.489 billion.
If the cryptocurrency experiences a prolonged correction in September, speculative traders may exit their positions in the above-mentioned coins and the NEIRO token, which would increase the selling pressure.
Frequently Asked Questions (FAQs)
The recent increase in exchange inflows for PEPE, SHIB and FLOKI suggests that investors may be preparing to sell, indicating a potential risk of a market sell-off.
NEIRO is under scrutiny after insiders liquidated 10% of the token supply, raising concerns about the token’s control and distribution
FLOKI has managed to hold the support level of $0.00014 despite market corrections, but recent exchange inflows of $11.6 billion FLOKI indicate potential selling pressure.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Equipped with a strong understanding of technical analysis, he keeps an eye on the daily price movements of major assets and indices. Attracted by his fascination with financial instruments, Sahil has enthusiastically turned to the emerging space of cryptocurrencies, where he continues to explore opportunities fueled by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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