TL;DR
-
NEIRO defied the ongoing correction in the meme coin niche with a daily gain of 3.5% and a whopping triple-digit surge over the past month, prompting analysts to forecast a further breakout.
-
Its bull run happened shortly after Wintermute scooped up a significant amount of NEIRO tokens.
More Upside Ahead?
After rallying in the past several days, the meme coin sector experienced a substantial pullback in the past 24 hours. Its market capitalization plunged to around $75 billion, representing a 7.5% daily decline.
Numerous leading memes, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Fartcoin (FARTCOIN), Peanut the Squirrel (PNUT), and others, are down between 4% and 15% for the timeframe. However, some remain in green territory.
Neiro (NEIRO) stands out as an example. As of this writing, the dog-themed meme coin is worth around $0.0006 (per CoinGecko’s data), or a 3.5% increase for the day and a staggering 250% surge for the last month.
Numerous analysts on X believe the rally is far from being over, envisioning a further jump in the near future. The one using the moniker Res thinks NEIRO shows “probably the most strength across the market” by holding its current price level. The market observer claimed that the meme coin behaved similarly during previous rallies, suggesting it might be gearing up for a 40% move to the upside.
Earlier this week, NekoZ also chipped in. They believe the price could explode to approximately $0.002 in the following months, which would mark the highest point since December last year. KNIGHT envisioned an even greater bull run, setting a target of around $0.00243.
What’s Fueling the Rally?
A combination of factors seems to have ignited NEIRO’s impressive spike. The first one is rather obvious and includes the overall revival of the cryptocurrency market, which has been booming in the past weeks. Bitcoin (BTC) exceeded the psychological level of $100,000, while Ethereum (ETH) crossed $2,700 before settling at around $2,550.
Another element that could have played a role is Wintermute’s actions. The X account CryptoNinjas recently informed that the crypto market maker and liquidity provider has accumulated a substantial amount of NEIRO tokens from leading exchanges like Binance and OKX.
Recall that the biggest crypto platform listed the meme coin in September 2024. Back then, it opened trading for the NEIRO/USDT pair, which was followed by a massive price increase for the underlying meme coin.
Coinbase followed suit two months later by introducing NEIRO perpetual contracts. Other popular exchanges that have allowed trading services with the asset over the past several months include the aforementioned OKX, Bybit, Kraken, KuCoin, and others.
