Although cryptocurrency exchange Binance has not yet launched NEIRO spot trading on its platform, it announced earlier today that it plans to launch a NEIRO/ETH/USDT perpetual contract with up to 75x leverage.
This announcement comes as the NEIRO token faces increased scrutiny over allegations of insider trading.
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Blockchain analytics platform Bubblemaps recently revealed that 78% of NEIRO tokens were previously allocated to insiders, who transferred the tokens to over 400 different wallet addresses. This insider group sold approximately $9 million worth of NEIRO tokens by August 28, raising concerns about market manipulation and insider trading.
Adding to the controversy, blockchain tracking service Lookonchain reported that shortly after Binance’s announcement, a whale with $5.2 million in assets spent $3 million to purchase 17.5 million NEIRO tokens. The purchase made the whale the largest individual holder of NEIRO, further fueling concerns about market concentration and the influence of large holders.
*This is not investment advice.
Continue Reading: “Insider” Suspicion on This Altcoin: Big Whales Get Moving
