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Home»ALTCOIN NEWS»Shiba Inu-themed NEIRO reaches record high with explosive rise of 51%
ALTCOIN NEWS

Shiba Inu-themed NEIRO reaches record high with explosive rise of 51%

By Crypto FlexsOctober 8, 20243 Mins Read
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Shiba Inu-themed NEIRO reaches record high with explosive rise of 51%
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  • Ethereum’s first Neiro token (NEIRO) soared 16,000% in two months.
  • Through its major listings, NEIRO has amassed $3.3 billion in trading volume in derivatives.
  • KuCoin explains what lessons we can learn from Neiro’s recent rally.

The Memecoin Festival took place again last weekend. Memecoin’s global market capitalization has increased by 7.7% in the last 24 hours, reaching a whopping $54.4 billion.

Last weekend, talk of a meme supercycle picked up steam across social media. Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe (PEPE) posted modest gains on Sunday, with a powerful wave of meme tokens aiming to take over veteran dog coins today.

NEIRO Leads the Dog House in Meme Rally

Amid the bullishness, Neiro CTO (NEIRO) was the top gainer, rising 51.5% to a new all-time high of $0.001575, five hours after breaking the $0.00015 price range for the first time.

This increases NEIRO’s market cap to $658,076,060. Currently ranked 117th, the newcomer boasts daily trading volume of $1.24 billion in the spot market.

Interestingly, NEIRO’s total supply is the same as PEPE and is limited to 420.69T. However, NEIRO accounts for half of the frog-themed token’s trading activity, boasting $2,833,438,199. NEIRO is also attracting attention in the derivatives market. Leveraged cryptocurrency traders saw trading volume increase 382% to $3.3 billion in 24 hours.

Neiro’s KuCoin: “Cryptocurrency rewards patients”

NEIRO on Ethereum is listed on major exchanges such as Binance, KuCoin, Bitget, WhiteBIT, etc. Up more than 16,000% since its release, some cryptocurrency experts are calling it the “next blue chip meme.”

Commenting on Neiro’s recent success, KuCoin said it took the Shiba Inu-themed memecoin two months to reach this level. The exchange’s official message to

$NERO CTO just launched the new ATH 👌

That’s a whopping 150x+ since we joined ✅

Remember that cryptocurrencies provide compensation to patients. Without cryptocurrency, you are NGMI. caught @neiroethcto It takes two months to reach this level, but the rewards speak for themselves.

Patience🗝️. Get more 💎 likes by liking and retweeting… pic.twitter.com/CtnR4pnIJz

— Kucoin Gem💎 Signal (@Kucoin_Gems) October 7, 2024

According to real-time statistics from the derivatives market, the overall picture favors the bulls at a long to short position ratio of 1.0538. However, cryptocurrency traders on Binance are leaning towards short selling Neiro CTO. At a ratio of 0.45, Binance Neiro shorts continue to dominate the market despite liquidation of a whopping $5.58 million shorts in 24 hours, according to CoinGlass data.

On the flipside

  • The Neiro CTO (NEIRO) token should not be confused with Neiro On ETH, another dog-themed token with the same ticker.
  • Neiro On ETH was listed on Binance Futures before Neiro CTO and has different token economics in contrast.
  • Despite its market capitalization falling below $100, the alternative Neiro token also saw double-digit gains this Monday.

Why This Matters

The growing demand for memecoins as entertainment-focused risky digital assets signals a shift in trader mindset as derivatives markets surge due to leveraged plays against the underlying assets.

Find out the latest cryptocurrency news from DailyCoin:
How Telegram sharing user data with the government affects you
Premier League cryptocurrency trading surges 10x due to gambling ban

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