Neiro Price Dumps 46% Amid Profit Controversy And ID Confusion As This Buy-To-Win Olympic Games-Themed ICO Goes Ballistic

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The Neiro price plummeted 46% in the last 24 hours to trade for $0.01743 as of 09:30 a.m. EST.

The NEIRO token’s dump comes amid controversy over insider buying, with reports that the project’s developer made up to 5,169X profit. On-chain detective Lookonchain reported that the developer initially invested 3 SOL worth $552 to purchase 97.5 million Neiro tokens.

The developer then sold 68 million Neiro tokens for 15,511 SOL, equivalent to approximately $2.85 million. This happened on multiple wallets, achieving a realized profit of 15,508 SOL ($2.85 million), representing a gain of 5,169 times the initial investment.

The dev of $Neiro has made 15,508 $SOL($2.85M) with only 3 $SOL($552), a gain of 5,169x!
He spent 3 $SOL($552) to buy 97.5M $Neiro when deploying $Neiro.
Then he sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M).… pic.twitter.com/0PBP6gpJ0e
— Lookonchain (@lookonchain) July 28, 2024

The profit is controversial amid speculation of a possible rug pull, or exit scam. Such events involve project insiders quietly selling a large chunk of their token allocation and exiting the project.

Besides the remarkable profit, there is also identity controversy around the Neiro token. Based on CoinGecko data, there is one with a market capitalization of $17.38 million at press time that recorded a 46% price drop. The other is up 63% with a market capitalization of $55.71 million.

Traders looking to make future bets are now in disarray, not knowing which way to go. This confusion is worsened by rumors of what appears to be a brewing exit scam.

Id love to ape $neiro but i legit dont know which one is the right one
— emocoin (@emotrades_) July 28, 2024

Other analysts have also investigated the developer.

The $Neiro dev made $6M with a memecoin; it was not hard.
Nor luck.
In this video, you will see:
– His past launches
– The tools used for that specific launch
– Another coin launched with the same tool (got it live) pic.twitter.com/Q6vchfc4Vx
— Antoine Rousseaux (@AntoineRSX) July 29, 2024

NEIRO Price Prediction

The NEIRO/USD trading pair is trading with a bearish bias in the one-hour timeframe. It is consolidating within a descending triangle pattern, which is typically a bearish continuation pattern. The price has been making lower highs, forming the upper trendline, while the lower trendline acts as a support level.

Based on the histogram nodes, volume has been decreasing as the price approaches the top of the triangle. Traders must wait for a breakout accompanied by an increase in volume, as this would confirm the direction of the breakout.

Meanwhile, the Relative Strength Index (RSI) is around 50, signifying neutrality. This indicates that there is no clear momentum in either direction, and the market could move either way. It highlights the need for investors to await a breakout.

The Moving Average Convergence Divergence (MACD) is below the signal line, which is generally a bearish sign. However, the histogram shows decreasing negative momentum, indicating that the bearish momentum may be weakening.

If the Neiro price breaks below the lower trendline of the descending triangle with strong volume, it could indicate a bearish continuation. In this case, the price might move toward the next support level, around $0.010 or lower.

NEIRO/USD 1-hour chart

Conversely, if the price breaks above the upper trendline of the descending triangle with strong volume, it could invalidate the bearish pattern and indicate a bullish reversal. In this scenario, the price might move towards the next resistance level around $0.030 or higher.

Meanwhile, as the Neiro price fills up a descending triangle, crypto expert Jacob Bury on YouTub says The Meme Games (MGMES) presale could explode 10X after its launch. It has already garnered over $293K in funds raised.

Promising Alternative To NEIRO

The Meme Games project is an exhilarating fusion of the Olympic Games’ competitive spirit and the active, fun-filled meme coin culture.

MGMES is a gamified meme token comprising popular crypto meme coin characters who reward presale buyers with bonuses for winning events. The project aims to capitalize on the hype surrounding the ongoing Olympic Games in Paris.

$BRETT was honoured to be chosen to be the star of the Olympic opening ceremony! #Olympics #Paris2024 #OpeningCeremony pic.twitter.com/ztRuzEiQ8j
— The Meme Games (@MemeGames2024) July 29, 2024

As a token holder, you can pick your favorite meme characters and watch them compete for gold to multiply your holdings. The native token, $MGMES, is your ticket to glory in the meme coin ecosystem.

Participants in The Meme Games presale can choose between Dogecoin, Pepe, DogWifHat, Brett and Turbo and watch them race for a chance to claim a 25% bonus on their initial purchase.

Additionally, investors stand to earn passive income from the project’s staking mechanism. They can easily purchase and stake $MGMES to earn an impressive annual percentage yield (APY) of 794%.

stMGME