NEIRO Price Surges, GSR Markets Accumulates

NEIRO launched around the middle of this year and has rallied significantly, which is typical for new memecoins.

Crypto trading firm GSR Markets pulled 33.73 million NEIRO tokens, valued at $2.85 million, from the Bybit cryptocurrency exchange, Spot On Chain reports.

Over the past 14 days, the market maker has withdrawn 74.13 million NEIRO tokens, or 7.41% of the total supply, from the exchange.

According to Spot On Chain, the market maker holds $79.656 million in crypto, of which NEIRO is valued at $6.267 million. Ten days ago, GSR Markets' NEIRO holdings were valued at $4.124 million, after the firm withdrew 25.4 million NEIRO tokens from Bybit.

For those unfamiliar, NEIRO is a relatively new memecoin with a massive total supply of one billion tokens. Notably, there is no buy or sell tax, and the team did not receive an allocation. According to most crypto users, NEIRO is driven by the community and speculation.

NEIRO Price Surges, GSR Markets AccumulatesNEIRO, which launched around the middle of this year, has rallied significantly—a common occurrence for new memecoins.

TradingView data shows the dog-themed memecoin surged over 9,300% after rising from $0.00003118 in September to $0.0023333 by mid-October.

At the time of writing, NEIRO is trading at $0.00178319, down 23.5% from its all-time high (ATH). However, GSR Markets' withdrawals suggest that the firm is accumulating NEIRO in anticipation of higher price levels.

Typically, crypto whales and major investors withdraw their assets from centralized exchanges when they expect prices to rise, indicating that they intend to hold the assets for an extended period.

These assets are usually kept in cold storage or on platforms that are protected from security risks and third-party control.

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