Last time we spoke about Neiro on Ethereum, it had just reached an all-time high of $230 million in market cap. Since then, a lot has happened
After reaching an all-time high of $230 million in market cap, Neiro (NEIRO) has seen its price plummet following its X profile suspension.
As reported by Token Terminal, the price of Neiro has dropped by at least 49% since being listed on Bybit. According to the data, the price began to drop on March 10, around the same time it was listed on the derivatives exchange.
However, despite being listed on Bybit, influencers on X have largely stopped mentioning the token in their posts.
According to Social Blade, Neiro’s follower count on X appears to have dropped drastically, with some speculating that the followers were bought and used fake engagement.
If you look at Neiro’s Social Blade, it appears as if all their followers were bought and they used fake engagement.
According to the crypto influencer, the platform is known to be used by influencers to quickly sell their bags of a token.
When a token gets listed on Bybit perpetual futures (PVP), it allows the holder to short an equal amount to what they hold of the actual token and then sell their token without a loss as the price goes down.
This is because as the Neiro price goes down, their share of the token gains profit. You can call this delta neutral, as no matter what happens, they will keep their current dollar value holding.
However, it appears that the team sniped between 80% and 90% of the supply and gave it to influencers to promote it. Greedy as ever, Bybit still listed it.
According to a crypto influencer, the team planned to sell their share of the token slowly as it went up in price, while influencers would sell their share quickly.
In other words, the only loser is retail who jumped on the bandwagon of the token.
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