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According to The Data Nerd’s data, leading market maker company Wintermute has increased its holdings in NEIRO, a memecoin launched on the Ethereum 
$2,504 Blockchain. In the last 24 hours, Wintermute has withdrawn approximately $736,000 worth of 4.34 million NEIRO coins from the cryptocurrency exchange Gate.
NEIRO Holdings Increased to 5.74 Million Coins
This move has increased Wintermute’s total NEIRO holdings to 5.74 million coins worth $957,000. The company’s current holdings represent about 0.5% of NEIRO’s total supply. Wintermute’s accumulation of the memecoin has led to speculation that the company might be acting as a market maker for the coin, which is known for its controversial status in the crypto world.
Wintermute is known for its role as a market maker in various cryptocurrencies, providing liquidity and facilitating smoother trading experiences across numerous exchanges. The fact that such a company is accumulating NEIRO indicates a strategic interest in the coin despite its meme status and high volatility.
The Data Nerd, a popular X account known for tracking significant movements in the cryptocurrency market, shared details of Wintermute’s approach to NEIRO, stating, “Wintermute is a market maker in the Ethereum memecoin NEIRO. In the last 24 hours, Wintermute has withdrawn a total of 4.34 million NEIRO (worth $736,000) from the Gate exchange. Currently, it holds 5.74 million NEIRO coins (worth $957,000), representing 0.5% of the supply.”
NEIRO Rises on News
NEIRO’s presence in the market was closely monitored due to its classification as a memecoin, which typically implies a higher risk of price manipulation and speculative trading. The presence of a major market maker like Wintermute could potentially stabilize the price of the memecoin or alternatively lead to increased volatility depending on the company’s trading strategies.
Market makers like Wintermute play a critical role in the cryptocurrency market by providing liquidity, reducing spreads, and maintaining balanced trading environments through buying and selling assets. However, their actions can significantly impact market dynamics, especially when they hold a substantial percentage of a memecoin’s total supply.
Indeed, following the news of the purchases, NEIRO’s price has surged over 20% in the last 24 hours and is currently trading at $0.1909. It is worth noting that the memecoin reached its all-time high of $0.2986 on August 7, 2024, and is currently priced 36.95% below that level.
