NEIRO has fallen 19.42% over the past week as there were $1 million deposits on the exchange. Market fundamentals indicated that Neiro was experiencing a strong bearish mood.
Over the past month, meme coins have significantly outperformed major altcoins. Among them, Neiro Coin (NEIRO) stood out, soaring 114.07%.
However, last week saw a dramatic change in NEIRO market sentiment. In fact, at the time of this writing, the coin was trading at $0.001744.
This marked a drop of 5.50% on the daily chart, while Memecoin dropped 19.42% on the weekly chart.
This situation calls into question the trajectory of meme coins, and Santiment analysts predict a short-term market recovery.
Inflow amount to the exchange reaches +1 million
According to Santiman’s analysis, the recent decline was driven by increased inflows to the exchange.
Source: Santiment
Based on this data, NEIRO has confirmed that more than $1 million in deposits have flowed into the exchange, creating selling pressure.
An increase in currency inflows usually means investors are preparing to sell their tokens. Therefore, these deposits were eventually sold, increasing selling pressure.
This causes prices to fall and sellers to dominate the market.
However, Santiman’s analysis posits that these deposits have cooled significantly and that the market may return to its monthly trend.
The question is, will Memecoin be able to regain its monthly bullish trend or will the bears continue to dominate the market?
What NEIRO’s charts tell us…
While Santiment suggests these exchange deposits are cooling, it’s important to determine what other market indicators are suggesting.
Source: Santiment
Memecoin’s active addresses have steadily declined over the past month, dropping from 19,316 to 4,422. Such a large decline indicates a decline in market participants and demand.
Source: Coinglass
This weak demand is further supported by lower trading volumes, with NEIRO’s trading volume decreasing from $4.43 billion to $970.33 million, a decrease of 78.10% over the past month.
Source: Santiment
Furthermore, the supply of NEIRO outside of exchanges has also decreased over the same period.
As such, off-exchange supply is continually decreasing, indicating increased liquidity and ultimately leading to increased selling pressure.
Source: Santiment
Finally, active withdrawals from NEIRO’s exchanges have decreased from 38 to 8 over the past month. This means that most investors keep their assets on exchanges and prepare to sell them.
Read NEIRO price prediction 2024–2025
Simply put, Memecoin was experiencing strong bear market sentiment.
These market conditions may cause the meme coin price chart to fall further. Therefore, if the current sentiment holds, Memecoin will find support near $0.001280.
Next: AXL Coin Volume Surges 78% – But Pay Attention To This.
Source link
