The crypto market witnessed a fresh correction trend as pioneer cryptocurrency Bitcoin plunged below $60000 on Tuesday. Amid growing bearish momentum, the NEIRO token witnessed massive liquidation, while popular meme coins PEPE, SHIB, and FLOKI have caught the market’s attention due to significant exchange inflows.
NEIRO Faces Scrutiny After Insider Sell-Off
NEIRO, a token on the Ethereum blockchain, is facing increased scrutiny as insiders have reportedly sold approximately $9 million worth of tokens. According to bubblemaps analytics, this sell-off accounted for 10% of the total supply liquidated by the initial spinner.
However, the concern mounts regarding the token’s control as bubblemaps highlighted that 78% of the supply was sniped at launch and distributed among various wallets.
UPDATE: Insiders have now sold ~$9M of $NEIRO
10% of the supply liquidated by initial snipers
But don’t worry, buyback is coming 🤡 https://t.co/oTLJEMcdde pic.twitter.com/igTQbn77Mj
— Bubblemaps (@bubblemaps) August 27, 2024
Exchange Inflows for PEPE, SHIB, and FLOKI Signal Potential Sell-Off
According to Santiment data, the popular meme coins PEPE, SHIB, and FLOKI experienced a sudden spike in exchange inflows. Typically, an increase in exchange inflows indicates that holders are transferring their tokens from wallets to exchanges, potentially signaling an intent to liquidate. Amid the NEIRO Sell-off, the activity aligns with the current bearish sentiment, projecting that investors could secure their profit if the correction trend prolongs in September.
The Shiba Inu price plunged from $0.0001612 to $0.00013 in the last five days, registering a loss of 15%. The coin price is down 84% from its All time high of $0.00008845, while the market cap wavers at $8.07 Billion. Earlier today, the exchange inflow spiked to 256.34 Billion SHIB, projecting a risk of an upcoming sell-off.
Moreover, the Pepe coin price fell from $0.00000986 to $0.00000778— a 21% decrease amid recent market corrections. The frog-themed cryptocurrency is down 55% from $0.00001718 while holding a market cap of $3.24 Billion. The exchange inflow surged to a high of 700.78 Billion PEPE.
Floki- the meme crypto famous play-to-earn (P2E) metaverse game Valhalla, has managed to withstand the market correction to hold $0.00014 support. However, the exchange inflow reached 11.6 Billion FLOKI on Tuesday, raising concerns about potential selling pressure. The FLOKI price currently trades at $0.000155 while the market cap is at $1.489 Billion.
If the crypto enters an extended correction in September, the speculative traders may exit their position in the aforementioned coins, and the NEIRO token, accelerating the selling pressure.
Frequently Asked Questions (FAQs)
The recent spike in exchange inflows for PEPE, SHIB, and FLOKI suggests that investors may be preparing to sell, signaling a potential risk of a market sell-off.
NEIRO is under scrutiny after insiders liquidated 10% of the token’s supply, raising concerns about the control and distribution of the token
FLOKI has managed to hold the $0.00014 support level despite market corrections, but recent exchange inflows of 11.6 billion FLOKI suggest potential selling pressure.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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