In-depth Analysis of NEIRO Case: Unveiling the Manipulators Behind It

This article will use the three major tools Dune, Nansen, and Arkham, taking the case of NEIRO, to detail how to analyze profitable addresses and identify the so-called "smart money".

Uppercase NEIRO( ETH) Profit Address Analysis

By querying the top ten profit addresses and the highest multiple addresses of large-cap tokens through Dune, we found:

• Currently, there are fewer large holders with unrealized gains, and most addresses are in a state of unrealized losses.
• The top three addresses have the highest profit amounts, achieving an ultra-high return rate of 450-880 times.
• These three addresses have only one transaction record, suspected of "insider trading".

Next, we will conduct an in-depth analysis of these three addresses:

Address 1: Suspected Wintermute sub-wallet

The address initially spent only 95 dollars to buy nearly 10 million tokens during the early stage of the token issuance, and transferred them to two sub-addresses:

• Address a: Wintermute market maker address, transferred 1.2 million USD tokens to other market maker addresses.
• Address b: Transfer tokens to Bybit and MEXC exchanges for sale

Comprehensive analysis suggests that Wintermute is likely one of the main operators behind capital NEIRO.

Address 2 and Address 3: Controlled by the same force

These two addresses purchased a large amount at the initial token issuance and dispersed the tokens into multiple sub-addresses. A comparison revealed that the holdings of the two addresses are almost identical, clearly indicating that they are being manipulated by the same party.

It is worth noting that one of the sub-addresses made a profit of $380,000 through the Bitget exchange.

Summary

Through analysis, it was found that Wintermute and another unknown force ( are manipulated by the main "conspiracy group" member of NEIRO, behind addresses 2 and 3. Further digging revealed that all three addresses are related to the same CoinTool splitter, ultimately pointing to a Binance account address. This address deserves special attention, as other tokens in its holdings may also present trading opportunities.

![Taking NEIRO as an example, a step-by-step guide on how to find the MEME COIN's market maker?])https://img-cdn.gateio.im/webp-social/moments-cfbf5168674513e4029d70f01a944fd6.webp(

Lowercase NEIRO ) CTO ( Profit Address Analysis

Similarly, we queried the profit situation of small-cap tokens through Dune, focusing on the following three types of addresses:

) Address with the highest profit amount

The address bought a large amount during the early stage of the token issuance and then sold in batches through multiple addresses, making a profit of over 3 million USD. Two large transfers are worth noting:

• Switch to a multi-signature wallet, which directly sells tokens after receiving them from 14 addresses.
• Redirecting to another address, ultimately flowing to Binance and KuCoin for sale, cashing out about 1.24 million USD.

![Taking NEIRO as an example, I will guide you step by step on how to find the MEME COIN's market maker?]###https://img-cdn.gateio.im/webp-social/moments-db61ccb85dcb3bc2a778e2538f691fff.webp(

) Address with the highest profit multiplier

The address built up a small position in batches during the initial issuance and then sold off a large amount. Notably, it provided a significant amount of liquidity to UNI V3 on August 4 and sold everything on the day Binance went live on September 16.

![Taking NEIRO as an example, I will guide you step by step on how to find the market maker for MEME COIN?]###https://img-cdn.gateio.im/webp-social/moments-978cad470288a535ca1f7696ea45adce.webp(

) suspected insider trading address

We also specifically focused on the addresses that bought the most before the Binance listing on September 15, ###. We found an address that transferred funds from Bybit, bought $50,000 worth of tokens, and sold all of them on the listing day, making a profit of over $400,000. This is likely an insider trader.

Conclusion

NEIRO is undoubtedly one of the most controversial and discussed tokens of this year. Analysis shows that a large number of "insider trading" addresses have made huge profits from it. Such projects carry extremely high risks, and participants need to operate with caution and manage risks effectively.

Nevertheless, NEIRO has brought a new hype to the MEME market, and its future development is still worth paying attention to. However, how it will unfold still requires more time to verify.