Neiro (NEIRO) is a dog-themed meme coin that has outperformed most major crypto assets. The coin is up 3.4% on the daily chart, 60% on the weekly chart, 2857.8% on the 14-day chart, and 3621.2% in the last month. The asset has also outperformed other important meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE).
While NEIRO holds the top spot, SHIB is struggling to break above the $0.000015 level. On the other hand, Dogecoin (DOGE) seems to be consolidating around $0.10.
Why did Nairo rebound?
NEIRO’s current surge could be due to investors flocking to buy the new memecoin to cash in on profits as the overall market appears to be cooling down.
According to cryptocurrency analytics firm LookOnChain, one investor spent $1.53 million to buy 17.71 million Neiro on Ethereum ($NEIRO). The move may have triggered other investors to buy other Neiro-related projects. Mainstream meme coins such as SHIB and DOGE did not see the same growth.
Will Shiba Inu and Dogecoin pick up the pace in October?
While September has historically been bearish for the cryptocurrency industry, October is usually the opposite. Based on historical data, we may see a healthy rebound next month. Shiba Inu (SHIB) and Dogecoin (DOGE) could see some gains in the coming weeks.
CoinCodex analysts expect SHIB to surge to $0.00003176 on September 29, 2024, an increase of about 115.3% from the current price level. The platform does not expect the price of SHIB to remain at the $0.00003 level and predicts that it will then pull back to around the current level.
On the other hand, CoinCodex predicts that DOGE will consolidate around the current price in the coming days before dropping to $0.0935 by mid-October.
NEIRO has skyrocketed in the past two days and then pulled back. Has it reached its peak?
Let’s talk about NEIRO’s price trend.
Previously, NEIRO was exposed to manipulate prices through insider trading and batch operations of coin mixers, and then sell the goods through insider trading after pulling the price. As for this surge, investors need to be wary of this situation.
Currently, NEIRO is creating popularity by pulling up the price, and with a large number of KOLs calling for orders, its popularity can be said to have reached its peak.
For meme coins, popularity equals value, so when the popularity reaches its peak, the price may also gradually peak, especially for meme coins with a large market value like NEIRO, it is unlikely to pull up like those small market value coins without turning back. Because the larger the market value, the more difficult it is to pull up.
Therefore, for investors who want to buy on rallies, I suggest being cautious. The current net inflow of NEIRO into the exchange does not rule out the possibility of the market making team selling out in a rat warehouse.
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