A PEPE whale turned a $1.67 million profit from trading the trending meme coin NEIRO after previously suffering a significant loss.
The trendy meme coin “First Neiro On Ethereum” (NEIRO), recently listed on Binance, has experienced significant price volatility, impacting trading outcomes for investors.
Recent on-chain data shows mixed results for traders. One investor, using the wallet “rektdolphin.eth,” managed to recover from earlier losses by making a profitable move with NEIRO.
Analysis reveals that Rekt Dolphin engaged in multiple transactions involving NEIRO and PEPE over the past month. Specifically, this wallet acquired 2.22 billion NEIRO by selling 12 billion PEPE, valued at $94,900. However, the trader later sold the NEIRO tokens at a loss for 22 ETH, approximately $59,500.
In another round of trades, the wallet acquired 1.9 billion NEIRO by selling 134 billion PEPE, valued at $985,000. Just a few hours ago, the trader sold that same 1.9 billion NEIRO for 214 billion PEPE, generating $1.67 million at an average price of $0.00085829.
This move resulted in a profit of $688,000, a significant recovery from the earlier loss of $59,500.
Further Profitable Strategies
Another trader, identified through Onchain Lens as Wallet-1, has employed a profitable strategy with NEIRO over the past few months. Two months ago, Wallet-1 began accumulating 5.63 billion NEIRO for 9.5 ETH, valued at $31,211. After redistributing 4.12 billion NEIRO to Wallet-2 and Wallet-3, this trader remained active in the market.
In the past month, Wallet-1 acquired an additional 2.07 billion NEIRO for 14 ETH, valued at $37,157. Later, they sold 3.58 billion NEIRO for 35 ETH, worth $83,439.
Most recently, Wallet-1 further capitalized on the market by selling 2.88 billion NEIRO for 468 ETH, approximately $1.079 million, securing a profit of 464.3 ETH. Overall, this trader has achieved a profit exceeding $1 million.
Continued Uncertainty
Amidst these trading activities, NEIRO’s price action has shown a dramatic upswing. According to CoinMarketCap, the token formed a triple white soldier pattern, indicating strong upward momentum over the past three days. Starting from September 16, NEIRO surged by 808%, followed by a 91% rise on September 17.
Currently priced at $0.0008626, NEIRO’s 24-hour trading volume is $652.8 million. This represents a 2.58% increase in price over the past day and a staggering 1,971.67% rise over the past week.
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