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Home»ALTCOIN NEWS»Dogecoin and Neiro exploded after this move by top market makers.
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Dogecoin and Neiro exploded after this move by top market makers.

By Crypto FlexsOctober 28, 20243 Mins Read
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Dogecoin and Neiro exploded after this move by top market makers.
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  • Dogecoin led the gains on Monday, hitting $2 billion in trading volume.
  • Prominent market makers are pouring over 7% of Neiro ETH supply into Bybit.
  • NEIRO recorded trading volume of $2.32 billion in its derivatives segment.

Dogecoin (DOGE), the largest meme coin on the market, justified expectations for a historically strong October. known as This month’s “Uptober” delivered massive gains for memes and AI-based coins. Dogs fighting on chains.

Dogecoin Leads the Dog House: $0.175 Coming Soon?

With a gain of 6.2% in 24 hours, Dogecoin is heading toward $0.148, a three-month high hit on October 21, 2024. This time around, the top dog cryptocurrency is approaching $2 billion globally, thanks to Spot’s massive trading volume. Last 24 hour window.

The price of Dogecoin is hovering around $0.143, an important resistance level outlined in Ali Martinez’s recent technical analysis. According to him, if DOGE stays above the $0.143 resistance and turns into support, it is likely to grow another 25% to $0.175.

In cryptocurrencies, it is easier to turn a joining resistance level into a support level when most holders are already making profits. For Dogecoin, 80% of coin custodians are currently profitable, 3% are status quo, and 17% are in the red, according to holder data from IntoTheBlock.

However, October’s rally was mostly associated with meme coins, with Neiro (NEIRO), Popcat crypto (POPCAT), A Cat in a Dog’s World (MEW), and a long list of other smaller cryptocurrencies putting DOGE in stiff competition. I leave it out. -Canine and feline companion hats.

Young DOGE rival Neiro begins 32% rally

Just three days ago, one of the largest liquidity providers on the market dropped a bombshell on the cryptocurrency space. GSR Markets has deposited 7.41% of the circulating supply of Neiro On ETH (NEIRO) to Bybit, leaving traders questioning whether the deposit is intended to provide liquidity or for sale.

Despite initial concerns, GSR Markets’ move has performed well for the meme currency, with NEIRO sparking a 32% rally. As of press time, Meme Coin was trading at $0.1038, with a trading volume of $90 million on the spot market.

As NEIRO regained $100 million in market capitalization in two weeks, demand for the token is mostly on Bybit, accounting for 38.98% of all transactions.

This successor to Dogecoin is also seeing explosive growth in trading volume in the derivatives market. Here, the trading volume reached $2.32 billion, suggesting that Neiro is one of the most popular altcoins in the leveraged market.

According to CoinGlass, most traders tend to take long positions, but Binance’s clients have ignored the general trend as their 24-hour short accounts are 100 to 74 times larger than the Neiro On ETH bulls.

On the flip side

  • Neiro On ETH should not be confused with Neiro CTO. Even if the tickers of both meme coins are the same.
  • Unlike Neiro On ETH, Neiro CTO is listed on Binance’s Spot product. Similar to Pepe Token, it has a huge supply of 420.69T.

Why This Matters

Market makers are responding to the growing demand for more speculative digital assets, with the use of leverage reaching record highs, potentially paving the way for greater meme coin dominance.

Discover popular cryptocurrency news on DailyCoin:
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