The First Neiro on Ethereum (NEIRO) memecoin, launched just over two and a half months ago, is causing a stir in the cryptocurrency market.
This token, which is now trading at 0.0017 dollars (USD), has entered the top 100 of the crypto assets with the highest capitalization, positioning itself in 86th place. Meanwhile, Its price registers an increase of almost 4,000% in the last 30 days and 87% in the last week alone. This places it as the asset in the ranking with the best performance in such periods.
The cryptoactive refers to the name of the new Shiba Inu dog adopted by the woman who had Kabosu. It should be noted that Kabosu is the name of the dog behind the meme that gave rise to dogecoin (DOGE), the memecoin with the highest market capitalization.
In this way, NEIRO, which functions as a token of the Ethereum network, belongs to the niche of memecoins that pay homage to a dog.
Its growth, which can be seen below, is linked to the activity of large investorscommonly called “whales” for their great possession. According to data from the analysis company Lookonchainone of them known as “Vida” transferred 4 million NEIRO, valued at $314,000, from the Bybit exchange to its wallet in the last 24 hours.
Vida explained, through her account on the social network reasons of your purchase. “I accumulated 0.4% of NEIRO’s circulating supply because I saw the value of manipulation in it,” he said. The investor added that it is the memecoin with the smallest capitalization on the Binance perpetual futures platform.
The trader contrasts that NEIROCTO, another community token, has a capitalization of USD 600 million on said platform, while NEIRO has USD 73 million. Therefore, he indicates that “it is cheaper and easier to increase the price”, considering that “people in general love NEIRO’s narrative and think that he will be the next PEPE.”
In any case, he clarified that does not rule out that the token develops contrary to its bullish expectations. For this reason, he indicated that his possession in memecoin represents only a small percentage of his assets. “It is a risky operation and I have no problem losing between USD 100,000 and 200,000 in this operation,” he revealed.
In addition to this, other movements of anonymous whales have been identified. According to blockchain explorer, SpotOnChainone purchased 841 million NEIRO worth $1.45 million in the last month, achieving an unrealized gain of 67%.
NEIRO’s behavior motivates memecoin enthusiasts
With this panorama, army_shiba, a well-known enthusiast on social network X of the shiba inu memecoin (SHIB), commented: “I think dog memes will be more successful than any other in this cycle.” Thus, optimism is on display in this niche market, which may be driving the appetite for NEIRO.
However, it is important to highlight that the cryptocurrency market as a whole continues to show signs of weakness. Many altcoins have yet to regain the all-time highs they reached during the 2021 bull cycle, while bitcoin (BTC) has recorded a new high seven months ago. This could be tipping investors toward new options within the memecoin nichelike NEIRO.
“We expect the US election to be the next big market catalyst for almost all assets, both traditional and digital,” states a new report from the Coinbase exchange. The candidates’ support for the cryptocurrency ecosystem strengthens optimism about its regulation, as reported by CriptoNoticias.
It should be taken into account, however, that due to the strong rise of NEIRO, you could perceive a setback product of profit taking. Furthermore, currently, the Relative Strength Index (RSI), a metric that measures the momentum of its price movements, shows that it is at overbought levels.
It is also essential to know that trading memecoins is high risk, since they are generally cryptocurrencies that have no utility. These represent the mood of the market.
