TL;DR
One particular meme coin experienced a substantial price boost after Coinbase listed perpetual contracts with the asset.
Its surge contrasts the downtrend observed with some leading memes such as DOGE and SHIB today (November 7).
Pumping Again
The dog-themed meme coin Neiro (NEIRO) saw its price soaring by over 20% in the past 24 hours, reaching a three-week peak of around $0.002. Its market capitalization exceeded $900 million, thus positioning the asset as the 96th-biggest in the entire sector and the ninth-largest in its niche.
NEIRO Price, Source: CoinGecko
The most probable reason triggering the rally is Coinbase’s decision to allow trading services with the asset. Specifically, the US-based crypto exchange launched NEIRO perpetual contracts.
Our NEIRO-PERP market is now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. $NEIRO pic.twitter.com/K3WLPy2iKq
— Coinbase International Exchange ️ (@CoinbaseIntExch) November 7, 2024
Those are types of futures contracts that allow traders to hold positions indefinitely. They are used for speculating on price movements and allow enable to have exposure without the need to purchase the underlying tokens.
The high leverage related to these contracts can amplify returns on successful trades. However, it also increases the risk of substantial losses due to possible liquidation.
This is not the first time NEIRO has pumped on similar news. In September, its price witnessed a whopping 500% daily jump after Binance listed the NEIRO/USDT trading pair. Later on, the largest crypto exchange expanded its support, introducing the NEIRO/EUR and NEIRO/TRY pairs.
Outperforming the Realm’s Leaders
NEIRO’s substantial resurgence in the last 24 hours contrasts the minor losses that some leading meme coins experienced for the same period. Dogecoin (DOGE) is down 3.5%, currently trading at around $0.19, while Shiba Inu (SHIB) fell by 1%.
DOGE Price, Source: CoinGecko
Other well-known memes which took a blow in the past day include POPCAT (-4.5%), WIF (-2%), MOG (-6%), GIGA (-7%), and more.
Despite that, the market capitalization of the meme coin sector has surged by 13% on a 24-hour scale and now stands at over $72 billion.
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