Neiro meme coin is firing on all cylinders; nears $1b market cap

Neiro, a viral meme coin, rose for the third day in a row, reaching a record high of $0.001875.

Neiro (NEIRO) is up over 7,000% from its September low.

This increase occurred in a high-volume environment, with 24-hour trading volume reaching over $1.13 billion. Most of this volume was concentrated on Binance, followed by Gate.io and Bitget.

This rise also coincided with an increase in open interest in futures. According to CoinGlass, open interest in the futures market has reached a record high of $175 million, from this week’s low of $50 million.

Neiro’s market capitalization has risen to over $742 million, which means it would need to rise nearly 38% from its current level to reach $1 billion. If this happens, it will join Popcat (POPCAT), a Solana (SOL) meme coin whose valuation exceeded $1 billion this week.

Neiro’s valuation makes it larger than other well-known companies such as Groupon, Nikola, and Sleep Number. It also surpassed other popular meme coins such as Baby Doge Coin and Book of Meme.

Neiro’s rally occurred on a day when Bitcoin and most altcoins were in the red. Bitcoin (BTC) fell to $62,500, while most cryptocurrencies such as Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) fell more than 2%.

Meme coins were among the best-performing cryptocurrencies this year. The total market cap of all meme tokens tracked by CoinGecko is now over $53 billion. While Dogecoin and Shiba Inu remain the biggest, new tokens have also taken off in recent months.

Launched in December, Popcat has reached a $1 billion token valuation, and meme coin Brett on Base Blockchain has reached a valuation of $884 million.

Neiro may retest TradingView’s $0.00137 NEIRO chart

On the daily chart, Neiro moved higher and broke the key resistance at $0.001375, the highest rise on September 25. By breaking through this level, the token invalidated the double-top chart pattern that was forming.

The Relative Strength Index and the Stochastic Oscillator have moved towards overbought levels. Therefore, the most likely scenario is that it pulls back to retest support at $0.001375 before resuming the uptrend.