A new meme coin called First Neiro On Ethereum (NEIRO) has gained 17,348.55% since its launch this year. The asset is also known as the little sister of Dogecoin (DOGE).
Despite the weakness of the broader market over the past few days, NEIRO has performed well. The asset is up 112.5% on the daily chart, 1852.6% on the weekly chart, 912.2% on the 14-day chart, and nearly 945% on the previous week.
The project’s market cap rose 119.52% to $339.12 million, while trading volume increased 72.87% to $754.85 million.
Why are DOGE’s sisters gathering?
The price of Dogecoin’s sister cryptocurrency began to rise after Binance announced that it would go live on the platform on September 16, 2024. The price surge is one of the most significant in recent months.
Binance is the world’s largest cryptocurrency exchange by trading volume, with over 200 million registered users. The asset’s exposure to Binance’s user base has significantly boosted its price. The project’s relationship with Dogecoin (DOGE) may also help boost its numbers.
Will asset prices continue to rise?
The cryptocurrency market seems to be recovering from its recent downturn. Bitcoin (BTC) has reclaimed the $60,000 level and the global cryptocurrency market cap has risen to $2.17 trillion. If we enter a bullish phase, DOGE’s sister coins may continue to rise.
The Federal Reserve cut interest rates by 50 basis points. This move could trigger a market-wide rally, further pushing up the price of new meme coins.
DOGE’s sister fund NEIRO may also face a correction if the broader market fails to continue its bullish trend reversal.
