This trending meme coin enters the Crypto Top 100 club after support from Coinbase

TL;DR

One meme coin in particular saw a substantial increase in price after Coinbase listed perpetual contracts with the asset. Its rise contrasts the downward trend seen with some top memes like DOGE and SHIB today (November 7). Pumping again

The meme coin Neiro (NEIRO) saw its price increase by more than 20% in the last 24 hours, hitting a three-week high of around $0.002. Its market capitalization exceeded $900 million, thus positioning the asset as the 96th largest in the entire sector and the ninth largest in its niche.

Price NEIRO, Source: CoinGecko

The most likely reason triggering the rally is Coinbase’s decision to allow services to be traded with the asset. Specifically, US-based crypto exchange launched NEIRO perpetual contracts.

Our NEIRO-PERP market is now in full trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop and stop limit orders are now available. $NEIRO pic.twitter.com/K3WLPy2iKq

— Coinbase International Exchange ️ (@CoinbaseIntExch) November 7, 2024

These are types of futures contracts that allow traders to hold positions indefinitely. They are used to speculate on price movements and allow exposure without the need to purchase the underlying tokens.

The high leverage associated with these contracts can amplify returns from successful trades. However, it also increases the risk of substantial losses due to a possible liquidation.

This is not the first time NEIRO has reported similar news. In September, its price witnessed a huge daily jump of 500% after Binance listed the NEIRO/USDT trading pair. Later, the largest crypto exchange expanded its support, introducing NEIRO/EUR and NEIRO/TRY pairs.

Surpassing the leaders of the kingdom

NEIRO’s substantial resurgence in the past 24 hours contrasts with the small losses experienced by some major meme coins over the same period. Dogecoin (DOGE) is down 3.5%, currently trading around $0.19, while Shiba Inu (SHIB) fell 1%.

Price DOGE, Source: CoinGecko

Other well-known memes that took a hit last day include POPCAT (-4.5%), WIF (-2%), MOG (-6%), GIGA (-7%) and more.

Despite this, the market capitalization of the meme coin sector has increased by 13% on a 24-hour scale and now exceeds $72 billion.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!