First Neiro on Ethereum, a popular meme coin that describes itself as the little sister of Dogecoin, surged by over 600% on Monday, Sept. 16.

NEIRO token goes parabolic after Binance listing

First Neiro on Ethereum (NEIRO) surged to a record high of $0.00040, up by over 1,620% from its lowest point this month, giving it a market cap of over $140 million. 

This rally occurred after the token received an indirect endorsement from Justin Sun, the billionaire creator of Tron (TRX). In an X post, he said the token had “swag,” which was viewed as an endorsement.

Justin Sun is one of the wealthiest individuals in the crypto industry, with Arkham Intelligence estimating his crypto holdings at over $994 million. He also serves as an advisor to HTX, one of the biggest crypto exchanges globally.

NEIRO also jumped after Binance, the largest crypto exchange in the world, announced it would list margined Neiro perpetual contracts on Sept. 16. Cryptocurrencies tend to jump sharply after being listed by tier-1 exchanges like Binance, Upbit, and Coinbase, though these gains are often short-lived.

You might also like: Nervos Network’s CKB rockets, but gains could be limited

#Binance Futures will launch the USDⓈ-Margined $NEIRO and $1MBABYDOGE Perpetual Contracts at🗓️ September 16, 11:30 (UTC) and September 16, 11:35 2024 (UTC) respectively.Read more ➡️ https://t.co/7MOXrDaDA2 pic.twitter.com/XLU2kqBg22

— Binance Futures (@BinanceFutures) September 16, 2024

Neiro’s surge occurred in a high-volume environment. Data from Nansen shows that the 24-hour volume rose to over $202 million on Monday, significantly higher than Sunday’s $7.7 million.

There are also signs that some large holders have started selling their coins. A high-volume address that turned $37,648 into over $266,300 sold over 1.18 billion tokens as the token surged.

Another trader, who turned $46,900 into $245,560, also sold over 1 billion tokens. As shown below, many large holders have begun selling the coin to take profits.

Neiro smart money traders are selling | Source: Nansen First Neiro on ETH rose to key resistance First Neiro on ETH chart | Source: TradingView

On the four-hour chart, the NEIRO token jumped and hit a crucial resistance level at $0.00399, which was its previous all-time high. 

This rebound happened after the token formed a triple-bottom chart pattern at $0.000034. A triple-bottom is one of the most popular bullish signs in the market. It then jumped above the key resistance point at $0.00010, its highest swing on Sept. 2 and the neckline of this pattern.

Therefore, the path of least resistance for the Neiro token is downward as profit-taking increases. If this happens, it will likely drop and retest support at $0.00020. A move above the all-time high of $0.00040 will signal more upside.

You might also like: Neiro on ETH price doubles as crypto dump unfolds