The cryptocurrency Neiro (NEIRO) has recently faced a severe downturn, experiencing a significant price drop from $0.18 to a current $0.0371 within a fortnight. This alarming decline, marked by substantial daily and weekly losses, points to a confluence of critical factors that have eroded investor confidence and market liquidity, pushing the altcoin into a descending channel.
Major Exchange Delistings Trigger Liquidity Crisis
The primary catalyst behind Neiro's sharp depreciation is the successive delisting of its contracts by major cryptocurrency exchanges. Two weeks ago, Bybit announced the removal of NEIROETH contracts, immediately sparking price volatility. This was compounded by Binance, the world's largest crypto exchange, which followed suit on September 22nd by delisting NEIROETHUSDT contracts. Such actions by prominent exchanges are critical; they drastically reduce available liquidity and serve as a stark indicator of a lack of market confidence, instigating intense bearish pressure on the asset.
Insider Allegations and Aggressive Bearish Shift
Adding to the market's woes, suspicions of insider knowledge have emerged concerning "Trend Research." On-chain analysis indicates that Trend Research transferred substantial portions of its NEIRO holdings—32.4% and then 34.6%—to exchanges just prior to the delisting announcements from Bybit and Binance, respectively. This uncanny timing has raised red flags regarding potential insider trading. Furthermore, the market reacted aggressively, with Neiro's Open Interest plummeting to an all-time low of $10 million, signaling a mass closure of positions. The Futures market has turned decidedly bearish, with shorts now dominating 52% of positions, reflecting widespread expectations of further price declines and positioning Neiro for sustained losses.
