Watch Out: Warning Issued About Recently Hot Altcoin – “Developers Secretly Own and Sell Most of the Supply”
There are suspicions that an altcoin that has become surprisingly popular recently is actually a scam.
Cryptocurrency analysis platform Bubblemaps has revealed that there has been intense insider trading in the recently popular NEIRO altcoin. According to Bubblemaps, 78% of the tokens were predetermined and then distributed to more than 400 addresses.
The NEIRO team strategically acquired a significant number of Japanese influencer groups to promote the token and spent only $10,000 in the early stages. This minimal investment generated a staggering profit of over 10,000 times the starting amount.
Bubblemaps said in its statement:
“NEIRO on the ETH network is heavily controlled. 78% of the supply was collected at launch and distributed among many wallets. Insiders have already earned $4.5 million and they still own 66% of the supply.”
On July 27, at exactly the same time, 80 addresses captured 77.7% of the supply. Each address held approximately 1% of the supply due to a limit on how much they could hold. Insiders studiously avoided direct sales, instead distributing tokens to 400 addresses, each rarely selling more than $3,000 at a time.
These efforts complicated the calculation of realized profits. Despite the complexity, Bubblemaps estimates the group still owns 66% of the supply and 11.7% has been sold, which equates to around $4.5 million at an average market cap of $40 million.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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