Neiro (NEIRO) on Ethereum saw a significant rally, jumping 50% in value within a single day and reclaiming the $0.09 level.
The token, known for competing with a community-owned version, had previously lagged as traders assessed its influence in the meme token space. Neiro’s perpetual futures market on Binance remains active, contributing to its liquidity and market visibility. The token is now held in 21,336 wallets, surpassing its rival in terms of holders.
Market makers drive NEIRO price growth
The surge in Neiro’s price has been linked to the involvement of prominent market makers. Wintermute, a significant player in the crypto market, now holds the second-largest wallet of NEIRO, controlling 4.35% of the total supply. Wintermute’s activity, alongside Bybit and Gate.IO, has increased attention towards the token. Neiro is also gaining traction from other market makers, including GSR Markets and Auros Global, which joined just before the October 11 price pump. As a result, trading activity surged to $65 million over the past 24 hours.
The token’s price recovery comes after it overcame resistance levels around $0.08 and $0.09. Despite being far from its all-time high of $0.25, the asset shows signs of renewed growth. Neiro continues to benefit from large-scale buyers, whales, and increased market attention to meme tokens, especially dog-themed ones like SHIB, FLOKI, and WIF. The broader meme token market is approaching a valuation of $50 billion.
Accusations and Rivalry impact NEIRO’s performance
Neiro’s rise follows earlier setbacks from accusations that it was a “cabal coin.” These claims temporarily damaged its reputation. However, the token is being reevaluated for its growth potential, and some investors now see it as undervalued. The Ethereum version of NEIRO also has a perpetual futures market on Binance, with the community hopeful for an eventual spot listing on the exchange. Meanwhile, the rival community-owned version of NEIRO has faced liquidity challenges and skepticism over potential insider trading.
Neiro on Ethereum saw increased activity from Wintermute and other whales. | Source: Bubblemaps
The competing version, associated with market maker Gotbit, suffered a blow when Gotbit’s CEO, Aleksei Andriunin, was arrested on October 8 for alleged market manipulation. Gotbit’s removal as a liquidity provider has added to the volatility of the community-owned token, which recently saw a price drop from $0.0019 to $0.0015. Binance warned about the risks of meme tokens, mainly insider trading and sniping.
The future outlook for NEIRO tokens
The community-owned NEIRO version aims to reach a $1 billion market valuation. As of October 11, its market cap stood at $750 million. The Ethereum-based NEIRO, on the other hand, is valued at only $85 million, presenting significant potential for further growth if additional exchange listings occur. With its lower liquidity and smaller trading volume, this version of NEIRO is more sensitive to market movements, creating both risk and opportunity for traders. Both versions of NEIRO continue to compete for dominance in the meme token space, driven by ongoing market maker involvement, community sentiment, and the broader meme coin rally.