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Neiro, a rising memecoin, has defied the broader bearish crypto market trends, climbing over 100% in five days and marking a 5000% surge from its September low.
Despite the ongoing market downturn, which has left major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in the red, Neiro has emerged as a standout performer. The meme coin rallied another 10% in the last 24 hours, trading at $0.001834 at the time of writing, far exceeding its lowest price level of September.
This price action has drawn significant attention, particularly given the current market conditions where bearish sentiment is dominating.
Neiro’s (NEIRO) rally is backed by a substantial increase in daily trading volume, which has surpassed $881.8 million. This figure was primarily driven by activity on exchanges such as XT.COM, WhiteBIT, and Binance.
Neiro’s market cap has been on a wild ride, jumping from just $15 million in mid-September to a whopping $771 million, putting it just 29% shy of hitting the $1 billion mark. If this happens Neiro will join other high-profile memecoins like Popcat (POPCAT), a Solana-based token that recently hit a $1 billion valuation.
Further, the meme coin’s open interest has also hit record highs. Data from CoinGlass indicates it has surged to $196 million, a significant jump from its monthly low of $45 million. An uptick in futures market activity typically means traders are ramping up leveraged positions on the token, likely betting on more gains or gearing up for some serious volatility ahead.
Whale accumulation and market manipulation concerns
While Neiro’s surge has excited many retail investors, concerns are growing over the concentration of its supply in the hands of a few large holders, 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 sparked fears of market manipulation, as these big players could potentially have a strong influence on the token’s price.
Commentators have also noted that major algorithmic trading firms, like Winterminute and GSR, have been quietly accumulating Neiro. This has raised worries that Neiro’s rapid rise may be driven by a handful of key players rather than widespread retail interest.
NEIRO’s allocation contrasts that of other memecoins like Popcat (POPCAT) which has a more decentralized supply, with its top holders controlling just 17% of the total supply.
Neiro’s rally is part of a larger surge in memecoins this year. According to CoinGecko, the total market cap of all tracked memecoins now exceeds $52 billion.
While established tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) continue to dominate the space, newer entrants such as Neiro, Popcat, and SPX6900 have climbed the ranks in recent months. For instance, Popcat, which launched in December, has already reached a $1 billion valuation, while SPX6900 stands at $574 million.
This article first appeared at crypto.news
