After surging by 114.07% over the past month, Neiro has experienced a sharp decline, dropping by 19.42% over the past week .NEIRO declined by 19.42% in the past week, as exchanges saw $1 million in deposits.
Market fundamentals indicated that Neiro was experiencing strong bearish sentiment.
In the past month, memecoins have significantly outperformed major altcoins. Among them, $NEIRO coin [NEIRO] stands out, having surged by 114.07%.However, the past week saw a drastic shift in NEIROâs market sentiment. In fact, at press time, the coin was trading at $0.001544.This marked a 5.50% dip on daily charts, with the memecoin also dropping on weekly charts by 19.42%.
Based on this data, NEIRO has seen more than $1 million of deposits coming into exchanges, resulting in selling pressure.
Usually, a rise in exchange inflow means that investors are preparing to sell their tokens. Therefore, these deposits ended up being sold, resulting in higher selling pressure.This drives prices down, with sellers dominating the market.However, Santiment analysis posited that these deposits have cooled down significantly, and the market may return to the monthly trend.The question is can the memecoin reclaim the monthly bullish trend, or will bears continue to dominate the market?
