An analysis
NEIRO Price Surges 50% Triggering Meme Coin Fest, What’s Behind the Rally?
Meme coin NEIRO price surged by 50% in the last 24 hours, driven by bullish whale activity thereby triggering strong surge across the sector.
Meme coin NEIRO, touted as the successor to Dogecoin, has registered a massive 50% gain in the last 24 hours. thereby triggering a meme fest once again in the market. The NEIRO price is currently trading at its new all-time high and currently trading around $0.001446 amid huge bullish whale activity
The recent NEIRO price surge comes following a strong whale activity and accumulation from the wallet rektdolphin.eth, which swapped a total of 190.5 billion PEPE coins as well as 6 ETH for a total of 1.466 billion $NEIRO. In short, the whale purchased a total of $1.8 million worth of NEIRO coins. As per data from SpotonChain, the trader has already minted around 20% profit of $334,000 amid the current price surge.
Between August 15 and September 26, this same whale executed three trades in NEIRO, yielding a net profit of $824,000 with a 66.7% win rate. Meanwhile, another version of NEIRO on Ethereum has also seen a 12% increase in the past 24 hours, though its market cap remains just one-tenth of the larger NEIRO token.
Last week itself, Vitalik Buterin swapped a total of 70.72 NEIRO meme coins for ETH, while donating the proceeds to the release of Tornado Cash developers.
The NEIRO whale activity has surged since mid-September sending the NEIRO price up by 3000% on the monthly chart. Also, the daily trading volume for NEIRO has surged by 287% to 4700 million.
This development has triggered a massive rally across the meme coin sector today. Top players like Dogecoin (DOGE) and Shiba Inu (SHBI) are up by 5% and 7% respectively while other players like Dogwifhat (WIF), Pepe Coin (PEPE), and BONK are up by 12-20% each. Additionally, strong technical indicators suggest a 50% PEPE price rally this month in October.