First Neiro on Ethereum (NEIRO) Holders Refuse to Sell Despite Drawdown, Betting on a New All-Time High

Despite a prolonged drawdown, First Neiro on Ethereum (NEIRO) holders are holding firm, opting not to sell their tokens even after a 20% surge in the past 24 hours.

As the crypto market continues to experience a bear trend, First Neiro on Ethereum (NEIRO) has managed to buck the trend, surging by over 20% in the past 24 hours. This price increase comes as a surprise to many, considering the broader market downturn.

The meme coin has experienced a remarkable rally in recent weeks, surging by over 400% from its recent low of $0.0004 on October 24. This impressive price action has brought NEIRO to its highest price since early December 2021, as the meme coin now trades at $0.0021.

On-chain data from Santiment reveals that NEIRO’s recent price surge has sparked a relative uptick in investor attention. According to the blockchain analytics firm, on-chain transaction volume in profit reached 12.32 billion on Monday, indicating the collective realized gains among NEIRO holders.

This volume, however, appears relatively low compared to previous times when NEIRO experienced notable price jumps. For instance, on September 16, realized profits skyrocketed to 448.33 billion. In October, the profit volume was also higher than the current one on several occasions.

Moreover, the realized profit/loss ratio showcases the collective traders’ mood in the market. A reading above 1 highlights a higher volume of realized profits, while a reading below 1 indicates a higher volume of realized losses.

This metric could be useful in determining whether traders are in a risk-on or risk-off mood, which can influence the price movements of cryptocurrencies like NEIRO.

While NEIRO’s price has surged to new heights, the broader crypto market has experienced a bear trend in 2023. This downturn began with the collapse of several centralized exchanges and crypto hedge funds early in the year.

Despite efforts by the U.S. Securities and Exchange Commission (SEC) to regulate the crypto market, the bear trend has persisted due to macroeconomic factors and the fallout from the exchange and fund collapses.

However, NEIRO, a meme coin on the Ethereum blockchain, has managed to buck this trend, surging by over 400% from its recent low of $0.0004 on October 24. This price increase has brought NEIRO to its highest price since early December 2021.

According to on-chain data from Santiment, NEIRO’s recent price surge sparked a relative uptick in investor attention. As reported by the blockchain analytics firm, on-chain transaction volume in profit reached 12.32 billion on Monday, indicating the collective realized gains among NEIRO holders.

This volume, however, appears relatively low compared to previous times when NEIRO experienced notable price jumps. For instance, on September 16, realized profits soared to 448.33 billion. In October, the profit volume was also higher than the current one on several occasions.

Moreover, the realized profit/loss ratio showcases the collective traders’ mood in the market. A reading above 1 highlights a higher volume of realized profits, while a reading below 1 indicates a higher volume of realized losses.

This metric could be useful in determining whether traders are in a risk-on or risk-off mood, which can influence the price movements of cryptocurrencies like NEIRO.

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