This Shiba Inu Rival Explodes by 250% in a Week: Here’s Why

TL;DR

Neiro on ETH (NEIRO) surged by 250% in the past week, supported by major exchanges like Binance and Crypto.com.
Analysts are optimistic about its future, predicting further gains and comparing its potential to previous explosive growth in other meme coins.

The Top Performer

The meme coin sector has stalled lately, with numerous tokens underperforming on a weekly scale. However, one has charted impressive gains for the same period – Neiro on ETH (NEIRO).

The meme coin, which saw the light of day earlier this summer, saw its price skyrocketing by approximately 250% in the past seven days. It currently trades at around $0.15 (per CoinGecko’s data), while its market capitalization is well above $150 million.

NEIRO’s resurgence could be attributed to the support from leading cryptocurrency exchanges. Binance, for example, launched a USDT-margined NEIRO/ETH perpetual contract with up to 75x leverage.

The maximum funding rate of the product is +2%/ -2%, whereas its funding fee settlement frequency is every four hours. The trading pair has the Multi-Assets Mode activated, meaning users can employ various cryptocurrencies as a margin when trading.

Perpetual contracts enable market participants to speculate on the price movements of the underlying digital assets without owning them. They provide high leverage, have no expiration date, and require traders to hold a certain margin to keep their positions open.

Another popular exchange that embraced the token is Crypto.com. It allowed deposits and withdrawals of NEIRO/ETH via ERC-20.

Deposits and withdrawals of $NEIROETH via ERC-20 have just been enabled on the https://t.co/vCNztATkNg App.

Launch the App https://t.co/YHDC296mw7 @NeiroOnEthereum pic.twitter.com/1clzRYlfi8

— Crypto.com (@cryptocom) September 9, 2024

Further Rally on the Horizon?

Numerous analysts highlighted NEIRO’s progress as of late, envisioning additional gains in the foreseeable future. The X user Eric Cryptoman claimed the asset is “about to go parabolic.”

“Hoping for some more Bubble Maps FUD to initiate the real breakout. Keep shorting bros, cope fuelled rallies are the strongest rallies,” they added.

MoneyLord was bullish, too, predicting that NEIRO could repeat WIF’s success observed in March this year. The Solana-based meme coin witnessed a price explosion of around $1.50 to almost $5 in less than 30 days, while its market cap jumped above $4.5 billion.