Crypto trader misses out on $17.5 million return from $1,000 investment 
Cryptocurrency Oct 12, 2024 Share
Trading meme coins is risky and requires a well-timed execution of trades to make profits. However, one investor may have opted out of their First Neiro (NEIRO) involvement way too early, missing out on significant profits.
To be specific, the trader, who initially swapped 0.32 ETH (worth $1,000 at the time) for 8.41 billion NEIRO tokens, exited the position for a significant gain but missed out on a much larger windfall by selling too early, according to data by Lookonchain on October 12.
This transaction occurred on Uniswap, a decentralized exchange (DEX) built on the Ethereum (ETH) blockchain.
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Following the purchase, after a sharp price increase, the investor cashed out by swapping their 8.41 billion Neiro back to 9.98 ETH, worth $32,400 at the time. This exit represented a 30x return on the original investment—a remarkable profit by most standards.
First Neiro price chart. Source: Lookonchain
However, after the sale, the price of Neiro surged even further. If the trader had held on to their 8.41 billion NEIRO, its value today would have skyrocketed to an astonishing $17.5 million, representing a 16,690x return on the initial $1,000 investment.
NEIRO’s sustained profitability
It’s worth noting that First Neiro has witnessed notable momentum in recent weeks, translating to significant profits for some early investors. For instance, Finbold reported back in September that an unidentified trader turned $16,000 into $1.8 million in eight weeks.
The token, launched in early August, received a massive boost after cryptocurrency exchange Binance announced the listing of the spot version on September 16.
Indeed, NEIRO adds to the growing number of meme coins that have emerged recently, hoping to emulate successful projects such as Dogecoin (DOGE). Notably, NEIRO was inspired by Neiro, a Shiba Inu (SHIB) dog linked to Kabosu, the Dogecoin mascot that passed away in May. After the demise, Kabosumama, Kabosu’s owner, adopted Neiro.
NEIRO price analysis
In the meantime, NEIRO is witnessing increasing buying pressure, which has seen the token’s price rally by about 21% in the last 24 hours to trade at $0.0021 as of press time. Over the past seven days, the token has gained 115%, with a market cap of $900 million.
NEIRO seven-day price chart. Source: CoinMarketCap
Interestingly, the buying pressure has emerged despite NEIRO registering a high-profile offloading by Ethereum founder Vitalik Buterin. On October 5, Buterin sold 70.72 million NEIRO for 29.9 ETH (approximately $72,400), leaving him with 70 million NEIRO.
The recent momentum seems to emanate from the development that market maker GSR Markets withdrew 25.4 million NEIRO tokens (worth $2.41 million) from Bybit. This adds to a series of withdrawals in recent days, leading to a total of 40.4 million NEIRO—equivalent to 4.04% of the total token supply.
NEIRO token holding by GSR. Source: CoinsProbe
From a technical outlook, a crypto analyst with the pseudonym Kimz noted in an X post on October 12 that the token has experienced strong upward price movements, indicating solid interest and growing volume in the market.
NEIRO price analysis chart. Source: TradingView
Currently, NEIRO is in the midst of its third rally, with the analyst suggesting that the meme coin might rally to hit a target of $4 billion in market capitalization.
He observed that NEIRO had formed three distinct base accumulation phases, followed by rallies that resulted in substantial price growth. This pattern suggests a stair-step formation, where the price consolidates within a range (base) before breaking out into the next rally.
In conclusion, the recent surge in Neiro’s price highlights the unpredictable nature of meme coins, where timing is crucial to maximizing gains. As Neiro appears poised for continued growth, investors should approach with caution and a clear strategy to navigate the price swings.
