Neiro bucks bearish market trend, surges 100% in five-day rally

Neiro, a bullish memecoin, has defied the crypto market’s broader bearish trends by surging over 100% in five days, marking a 5000% rally from its September lows.

Despite the ongoing market downturn that has left major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in the red, Neiro has been a standout performer. Memecoin is up another 10% in the last 24 hours, trading at $0.001834 at the time of writing, well past its September low price level.

This price action attracted a lot of attention, especially considering the current market conditions where bearish sentiment prevails.

Neiro’s (NEIRO) rally is supported by a significant increase in daily trading volume, which exceeded $881.8 million. This figure was primarily driven by activity on exchanges such as XT.COM, WhiteBIT, and Binance.

Neiro’s market cap is trending wildly; jumped from just $15 million to $771 million in mid-September; That puts it just 29% shy of reaching the $1 billion mark. If this happens, Neiro will join other high-profile memecoins such as Popcat (POPCAT), a Solana-based token that recently reached a $1 billion valuation.

Additionally, open positions of meme coin also reached record levels. Data from CoinGlass shows that Bitcoin has made a significant jump from its monthly low of $45 million to $196 million. An increase in futures market activity usually means investors are increasing leveraged positions on the token, possibly betting on greater gains or preparing for significant volatility ahead.

Whale accumulation and market manipulation concerns

While Neiro’s rise has excited many retail investors, concerns are growing about its supply being concentrated in the hands of a few large conglomerates, or “whales.” Data from CoinCarp shows that the top 10 holders control more than 65% of Neiro’s total supply.

This level of concentration has triggered fears of market manipulation, as these major players have the potential to have a strong influence on the token price.

Commentators also noted that major algorithmic trading firms such as Winterminute and GSR have been quietly accumulating Neiro. This has raised concerns that Neiro’s meteoric rise may be due to a handful of key players rather than widespread retail interest.

NEIRO’s allocation contrasts with the allocation of other memecoins such as Popcat (POPCAT), which has a more decentralized supply, with top-tier holders controlling only 17% of the total supply.

Neiro’s rise is part of a larger rise in memecoins this year. According to CoinGecko, the total market cap of all tracked memecoins now exceeds $52 billion.

Established tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) continue to dominate the space, while new entrants like Neiro, Popcat, and SPX6900 have risen through the rankings in recent months. For example, Popcat, which was launched in December, has already reached a valuation of $ 1 billion, while the SPX6900 has a value of $ 574 million.