NEIRO, a rising memecoin and competitor to Shiba Inu, has experienced a remarkable surge of over 600% following the introduction of its USD-margined perpetual contract by Binance. This surge comes amid a broader downturn in the crypto market, as top assets like Bitcoin (BTC) and Ethereum (ETH) struggle due to economic uncertainty.
The NEIRO token saw its price skyrocket after Binance launched its NEIROETHUSDT perpetual contract, which allows traders to leverage up to 75x. The contract, which went live on September 6, immediately triggered significant market activity, propelling the token’s value upward.
Massive Price Surge
Following the Binance announcement, Neiro’s price surged by more than 100%, reaching a daily high of $0.1805. This price spike represents a 678.68% increase from its recent low of $0.02318 on September 3. As of press time, Neiro is trading at $0.1592, showing a rise of 162.58% over the past week.
Rising Concerns Over Neiro Crypto: Potential ‘Pump and Dump’ Scheme
The listing on Binance significantly increased attention around the memecoin, making it the most tweeted altcoin on September 6, according to data from AltsDaddy, an on-chain analytics platform. Neiro outperformed other popular tokens, including Floki Inu (FLOKI), Solana (SOL), and Kaspa (KAS), during this period.
Whales Enter the Market
The Binance listing and similar perpetual futures offering on OKX have sparked interest from large-scale investors. One whale, in particular, made headlines after purchasing 17.5 million NEIRO tokens for $3 million, as reported by blockchain analytics platform LookonChain. This whale’s transaction made them the largest individual holder of NEIRO, according to data from Etherscan. They hold over $5.2 million in digital assets, with NEIRO representing the most significant portion.
Market Impact and Outlook
While Neiro saw massive gains, the overall crypto market continues to face downward pressure, with top cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu experiencing at least 3% declines. This market drop followed mixed economic data from the U.S. nonfarm payrolls report, which caused widespread concern among investors.
Despite the broader market challenges, Neiro’s explosive growth highlights its potential as a memecoin to watch. As it continues to capture the attention of investors and traders, particularly after its listings on significant exchanges, its price movement is expected to remain in the spotlight.
