Neiro (NEIRO) Breaks Out From the $0.09 Range After a 50% Daily Rally
- Linda HamiltonOriginal
- 2024-10-12 00:18:10501browse
NEIRO is still far from its peak of $0.25, achieved due to expectations of a listing on the Binance spot market.
Ethereum (ETH)-based token Neiro (NEIRO) broke out and returned above $0.09 after a 50% daily rally. The token, a competitor of the community-owned version, is still lagging behind as traders try to gauge which token has the bigger influence.
NEIRO price action saw a 50% daily rally and is now attempting to breach the $0.09 level again. The asset dropped out of the range after a massive rally, driven by expectations of a Binance spot listing.
NEIRO is still far from its peak of $0.25, achieved due to the expectations. The asset easily overtook the $0.08 level and overcame the $0.09 range, growing activity to $65M in the past 24 hours.
Market makers boost NEIRO performance
One of the key boosts for the token is the involvement of Wintermute. The market maker also owns the second-biggest wallet of NEIRO, holding 4.35% of the supply. Wintermute became active in a wallet cluster, linked to Bybit and Gate.IO, the two most active exchanges for NEIRO. The asset still awaits additional listings to potentially establish itself as a leading token.
The token also lined up among top performers, which are all doge-themed tokens: SHIB, FLOKI, and WIF.
The asset is competing with the success of POPCAT and PEPE, but a rollover may happen soon. Meme tokens regained attention after renewed talk of a super cycle. Competition between versions is also redirecting liquidity flows, as bots are pointed toward all NEIRO or adjacent tickers.
NEIRO wins the battle after cabal coin accusations
The Ethereum version suffered from accusations of being a cabal coin. Currently, the asset is being reevaluated for its growth potential, due to being a high-profile version of the meme, but also considered undervalued. The NEIRO version also trades in a perpetual futures market on Binance and still holds up hopes of an eventual spot listing.
The community-owned version, however, was also illiquid and easy to snipe. Even with a Binance listing, the CTO version still invited skeptics and showed signs of insider trading.
Binance itself came up with a message about meme tokens, mentioning the danger of sniping the supply and forming insider cabals.
The token is now undergoing a transformation and fighting to retain value. The former X handle, @neiroethcto is now just @neiro, winning the battle on social media for the simplest, most recognizable ticker.
The community version is more volatile, recently dipping from $0.0019 to $0.0015. The token is also expanding based on general meme hype. In the past week, this version of NEIRO broke out from $0.0009 to $0.0019.
The next target for the community-owned version is to go above $1B in valuation, lining up among top meme tokens. As of October 11, NEIRO (community-owned) had a market cap of $750M.
The competing version of NEIRO is valued at only $85M, setting expectations for more active growth in the case of additional listings. The token is also easier to sway due to its still-lower liquidity and smaller trading volumes.
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