Insider trading allegations faced by NEIRO Token as 78% pre-allocation reported by BubbleMaps. 📉

Uncovering Allegations of Market Manipulation in NEIRO Token

NEIRO, a meme coin built on the Solana blockchain, is currently facing intense scrutiny due to accusations of insider trading and market manipulation.

Recent investigations by BubbleMaps and LookOnChain have shed light on concerning details regarding the distribution and trading practices of the token.
These revelations suggest the possibility of a significant rug pull, raising alarms within the cryptocurrency community.

The Strategic Distribution Strategy Behind NEIRO Token

Upon its launch on July 27, NEIRO saw 78% of its total supply being swiftly acquired by 80 specific addresses. These insiders then fragmented the tokens across 400 different addresses to mask their control and gains.

Despite their efforts, BubbleMaps estimated that about 11.7% of the supply has been offloaded, resulting in approximately $4.5 million being cashed out at an average market cap of $40 million.
These initial allocation tactics and subsequent trading activities have stirred allegations of insider manipulation, a scenario that seems increasingly likely based on recent reports and analyses.

Insider Transactions and Market Control

BubbleMaps conducted an extensive review of over 10,000 NEIRO transactions on the Ethereum blockchain, uncovering a high level of concentration in ownership. 78% of the supply was found to be spread among 350 wallets, hinting at calculated efforts by insiders to maintain a stronghold over the token’s circulation and value.

Insiders managed to cash out around $4 million worth of NEIRO through 2,500 meticulously executed transactions across various decentralized and centralized exchanges like Uniswap, Lbank, and Poloniex.
This strategic maneuvering across platforms allowed insiders to obscure their activities and transactions, making it challenging to monitor their complete impact on the market.

Developer’s Lucrative Gains Amid Suspicions of Insider Trading

An investigation by LookOnChain revealed that the NEIRO developer reaped a staggering 5,169x return on their initial investment. By purchasing 97.5 million NEIRO tokens for just 3 SOL ($552) and subsequently selling 68 million tokens, the developer made a profit of 15,508 SOL ($2.85 million).

Additionally, the developer transferred 10 million NEIRO to a dead wallet, implying an unrealized profit of $1.8 million from the remaining tokens.
These substantial profits have fueled concerns of a potential rug pull, a scenario where insiders sell a large chunk of their token holdings before abandoning the project.

The Current State of NEIRO Token and Community Expectations

As of now, NEIRO is trading at $0.15, marking a 3.90% increase in value over the last 24 hours. Despite surpassing a $100 million market cap, the growth of NEIRO remains heavily influenced by insider control.

On the day of its launch, 80 addresses swiftly acquired 77.7% of the supply, each holding about 1% to evade detection and scrutiny.
Insiders have already made $4.5 million in profits while retaining control over 66% of the supply, sparking apprehensions within the community.
Wallet 0xfbe1 has been identified as a potential insider wallet, making a $50 NEIRO purchase that has surged by 2,200% since its creation.
The community eagerly awaits a response from the NEIRO team, but as of now, no official statement regarding the allegations has been issued, amplifying concerns of a potential rug pull.

The Impact of Fraud and Rug Pulls in the Crypto Space

While occurrences of fraud, scams, and rug pulls observed this year have paled in comparison to previous years, they still pose a threat to the integrity of the cryptocurrency industry.

Now, it’s crucial to remain vigilant and cautious when engaging in the crypto market to avoid falling victim to such manipulative practices.

Hot Take: Navigating the Turbulent Waters of Market Manipulation

As an investor in the crypto space, it’s essential to stay informed and vigilant about potential market manipulation tactics like insider trading and rug pulls. Engage with projects that prioritize transparency and fairness to safeguard your investments and the integrity of the industry. Remember, diligence is your best defense against malicious actors seeking to exploit the market for their gain.

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