The first Neiro on Ethereum (NEIRO), a meme coin, has emerged as one of the standout performers this week. In just seven days, the token has surged over 332X, driving its total market cap past the $341 million threshold—a remarkable achievement for a token that just a few weeks ago struggled to surpass the $100 million mark.
NEIRO Soaring Following Binance Listing
Recent data shows that NEIRO has increased by 109% in the last day, fueled by a spike in trading volume. Strong underlying momentum is typically seen when rising prices are coupled with increased engagement. Consequently, indicators suggest that NEIRO still has further potential, and early investors should brace themselves for additional gains.
While the excitement surrounding NEIRO is a significant factor behind the surge in engagement and price, the initial fear of missing out (FOMO) was sparked by its listing on Binance on September 16.
As per Binance, the leading exchange by trader count, NEIRO commenced trading on September 16 alongside two other meme coins, TURBO and BABYDOGE. On the following day, September 17, traders began withdrawing the token.
Even prior to its listing, the meme coin was among the top performers, experiencing massive gains as excitement escalated. Less than 48 hours later, traders are eager to double their investments, capitalizing on the meme coin’s upward trend.
Trader Earns Millions As Whale Accumulates
During this abrupt price movement, analysts highlight that some early traders reaped significant rewards. According to Arkham data from September 16, one trader, known only as “0x6ac”, transformed a $16,500 investment into over $1.8 million by getting in early before the listing.
The address, analysts note, started accumulating substantial amounts of NEIRO after its launch. Instead of being deterred by market fluctuations, the address continued its buying spree until the Binance listing, at which point it cashed out.
In light of this trend, trackers are noting intriguing developments. Whales and social media influencers are also increasingly acquiring the meme coin.
On-chain movements indicate that one influencer, @BitCloutCat, has started purchasing the token following the Binance listing. As of September 17, this influencer was in the green, with profits exceeding $808,000. Meanwhile, another whale acquired 4.67 billion NEIRO valued at over $1.3 million, further boosting demand.
