Last time we spoke about Neiro on Ethereum, it had just reached an all-time high of $230 million in market cap. Since then, a lot has happened; let’s recap! You can read our last Neiro article here, in which Andrew Tate and others were onboarded.
Since then, we have seen their X profile get suspended, which kind of kickstarted the whole sell-off.
There’s never any explanation as to why X suspends someone’s profile, but looking at Neiro’s data on Social Blade, it appeared as if all their followers were bought and they used fake engagement.
Bybit Listing? More Like ByeBit: Price Drops After Bybit Lists Perpetual Futures
What I tried to show by painting a circle on the chart a few days ago is the exact moment Neiro was listed on Bybit.
Since then, it has been down by at least 49{aa99edd08dd66036bd4af6c3dbe8af9b4ab31fcc55a521c2956d094a6dcd3a48} and has gone from every influencer on X mentioning it 10 times a day to no mentions at all.
What makes all of this even worse and highly irresponsible from Bybit is that it was known that the team sniped between 80{aa99edd08dd66036bd4af6c3dbe8af9b4ab31fcc55a521c2956d094a6dcd3a48} and 90{aa99edd08dd66036bd4af6c3dbe8af9b4ab31fcc55a521c2956d094a6dcd3a48} of the supply and gave it to influencers to promote it. Greedy as ever, Bybit still listed it.
Why is this bad? Because when you have perpetual futures, you can short an equal amount to what you hold of the actual token and then sell your token without a loss as the price goes down.
This is because as the Neiro price goes down, your share of the token gains profit. You can call this delta neutral, as no matter what happens, you will keep your current dollar value holding.
The only loser is you. Retail who jumped on the wagon. But what can we do right? Smile and laugh.
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Is there any future in holding Neiro?
While it’s impossible to say what will happen, it appears as if influencers and the team lost interest in Neiro and the narrative.
The figures who used to post about it 10 times a day don’t mention it anymore. The team appears much less incentivized to push it, and as if the PVP wasn’t enough already with a few Neiro on all chains (Ethereum and Solana), someone launched a new Neiro on Ethereum and pushed it all the way to $50m market cap.
I think at this point it’s safe to say people are tired of everyone wanting a piece of the cake, all the PVP and all the “trash talk”. A $1 billion narrative turned dead within weeks.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
