Neiro （NEIRO）, a Dogecoin-inspired meme coin, reached a new all-time high shortly after its launch, driven by market excitement and community engagement.
Points
- NEIRO reaches a new all-time high of $0.19.
- Launched after the introduction of a new dog, Neiro, replacing Kabosu.
- Strong market cap and trading volume despite market turmoil.
- Developer clarification on involvement in token deployment.
Neiro （NEIRO）, a meme coin inspired by the new dog serving as a replacement for Kabosu, the now-deceased face of Dogecoin （DOGEUSD）, has taken the crypto market by storm. Launched a few days ago, NEIRO — specifically the one on Ethereum — reached a new all-time high （ATH） of $0.19 today. Here is a detailed breakdown of how it happened and what could be next.
NEIRO Breaks Record Amid Market Turmoil
BeInCrypto’s findings show that the meme coin came to life on July 27, following Kabosu’s owner’s announcement of “the addition of a new family member” on X. The new addition, a Shiba Inu dog named “Neiro,” was assumed to be Kabosu’s replacement after it passed away on May 24. Following the disclosure, developers deployed many tokens with the name on different blockchains. While most of those upswings were short-lived, the Neiro on Ethereum sustained market dominance.
At press time, it had reached a mind-blowing market cap of $183.68 million. Data also shows that the four-day-old token jumped by 68.70% in the last 24 hours, with a total holder count of 7,280 and a 24-hour trading volume of $21.73 million.
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Furthermore, the market cap is much more than that of a similar meme coin on Solana, which saw a notable 47.50% nosedive.
Will NEIRO on ETH Market Cap Hit a Billion Dollars?
The development is also in contrast to the way Solana meme coins have outperformed those on Ethereum. The ripple effect of this difference in price performance and market cap has led market participants to keep a close watch on the Ethereum-based token.
For example, Eunice D Wong, a trader, opines that NEIRO’s market cap can hit $1 billion. “The more I observed how NEIRO on ETH is going, the more I noticed the similarity in billion-dollar projects. I’m putting it out here that it’s going to explode to a billion MC,” Wong wrote.
Interestingly, data from CoinGecko shows that the NEIRO token ranks as the 290th most valuable cryptocurrency. Apart from that, the token is the only meme coin with a positive return at a time when other cryptos in the same
category are seeing red.
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However, it is important to mention that Neiro’s owner notes no involvement in the token deployment.
Due to the parabolic price increase, the cryptocurrency could also face increased profit-taking. But if the sentiment around the token remains bullish in the short to mid-term, then NEIRO may attempt to replicate Dogecoin’s performance.
解説
- The success of NEIRO highlights the ongoing interest and potential profitability of meme coins in the cryptocurrency market.
- Investor sentiment plays a crucial role in driving the price and market cap of such tokens.
- While initial gains can be substantial, caution is advised due to the potential for significant volatility and profit-taking.