NEIRO Ethereum (NEIRO) Surges 1,500% in a Month
NEIRO Ethereum (NEIRO), a dog-themed meme coin, has experienced an impressive surge of over 1,500% in the past month. This significant increase in value has caught the attention of many cryptocurrency investors looking to profit from the growing popularity of meme coins.
However, despite its recent rally, NEIRO may face some short-term downside as profit-taking activities increase among holders. It’s essential for investors to be cautious and monitor the market closely for any signs of a potential price correction.
Niro Holders Prepare to Sell on Exchanges
The market cap to realized value (MVRV) ratio for Nairo shows that many holders are currently in a profitable position. With a MVRV ratio of 111%, it indicates that the asset is trading above its average purchase cost, making it potentially overvalued. This situation often prompts holders to sell their holdings for a profit.
Recent data from Santiment reveals that the supply of NEIRO on cryptocurrency exchanges has increased by 63% in the past week. This uptick in exchange supply suggests that holders are gearing up to sell their tokens, which could lead to a rise in selling pressure and a possible price dip.
NEIRO Price Prediction and Potential Scenarios
If profit-taking activities persist and more holders decide to sell their tokens, NEIRO’s price could drop to $0.21 in the near term. Continued selling pressure may push the price below $0.20, with a potential trading range of around $0.19.
On the other hand, if there is a notable increase in buying pressure and accumulation of NEIRO by traders, the price could potentially rally to $0.24. It’s crucial for investors to stay informed and watch for market developments to make informed decisions about their NEIRO holdings.
