As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve witnessed numerous price surges and dips that have left even the most experienced traders scratching their heads. The recent parabolic rise of First Neiro on Ethereum (NEIRO) is no exception.
On Monday, September 16th, the meme token Neiro on the Ethereum network, often referred to as Dogecoin‘s younger sibling, experienced a significant increase of more than 600%.
NEIRO token goes parabolic after Binance listing
Initially, the digital token Neiro on Ethereum (NEIRO) soared to an unprecedented peak of $0.00040, marking a staggering increase of more than 1,620% from its lowest point this month. This surge catapulted NEIRO’s market value beyond the $140 million threshold.
As an analyst, I experienced a surge in the token’s value following an implied endorsement from Justin Sun, the innovative mind behind Tron (TRX). In a social media post, he casually referred to the token as having “swagger,” a remark that was interpreted as his stamp of approval.
As a researcher delving into the dynamic world of cryptocurrencies, I find myself consistently impressed by Justin Sun’s influential presence. According to Arkham Intelligence, his crypto holdings surpass $994 million, making him one of the wealthiest figures in this burgeoning industry. Beyond his financial clout, he also lends his expertise as an advisor to HTX, a leading global crypto exchange, further solidifying his significant role within our digital economy.
Following the announcement by Binance, the leading global crypto exchange, that it would list leveraged Neiro perpetual contracts on September 16, Neiro too experienced a surge in value. It’s common for cryptocurrencies to see significant spikes when they get listed on top-tier exchanges like Binance, Upbit, and Coinbase. However, these increases in value typically prove temporary.
As a crypto investor, I’m excited to announce that Binance Futures will be launching two new perpetual contracts: USDⓈ-Margined $NEIRO and $1MBABYDOGE. The launch dates are set for September 16 at 11:30 (UTC) for $NEIRO, and September 16, 2024, at 11:35 (UTC) for $1MBABYDOGE respectively. For more details, check it out here.— Binance Futures (@BinanceFutures) September 16, 2024
On Monday, the activity spike at Neiro took place in a bustling setting. According to Nansen’s data, the 24-hour trading volume surged to more than $202 million, which was substantially greater than the $7.7 million recorded on Sunday.
It’s evident that certain significant investors might be unloading their cryptocurrency, as a high-value wallet converted $37,648 into approximately $266,300 by offloading more than 1.18 billion tokens, which saw an increase in value.
A different investor amassed a fortune of $245,560 from an initial $46,900, and it’s been observed that they, too, offloaded more than a billion tokens. As displayed in the following data, several large-scale token holders have chosen to cash out, realizing their profits on this coin.
First Neiro on ETH rose to key resistance
On a four-hour timeframe, the NEIRO token surged and reached a significant barrier at $0.00399 – this being its former record peak.
After the token established a triple bottom chart formation at $0.000034, which is often a strong bullish indicator in the market, it subsequently surged beyond the significant resistance level at $0.00010 – its peak on September 2 and the neckline of this pattern.
Given the surge in profit-taking, it appears that the Neiro token’s trend could be heading downwards. If this happens, it might fall and touch its support at $0.00020 again. However, if it manages to surpass its all-time high of $0.00040, it suggests there is potential for further growth.
Read More
Sorry. No data so far.
2024-09-16 16:16