Key Points
- Neiro, a memecoin, has surged over 100% in five days and 5000% since September, despite a bearish crypto market.
- Concerns are rising about potential market manipulation due to a high concentration of Neiro’s supply in the hands of a few large holders.
Despite the bearish trends in the broader cryptocurrency market, Neiro, a rising memecoin, has seen a significant price increase.
In the past five days, it has climbed over 100% and marked a 5000% surge from its September low. This is happening even as major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are experiencing a downturn.
Neiro’s Impressive Performance
Neiro has stood out as a top performer, rallying another 10% in the last 24 hours and trading at $0.001834, far above its lowest price level in September.
This price action has garnered significant attention, especially considering the current bearish market sentiment.
Neiro’s rally is supported by a substantial increase in daily trading volume, exceeding $881.8 million, primarily driven by activity on exchanges such as XT.COM, WhiteBIT, and Binance.
The market cap of Neiro has also seen a wild rise, leaping from just $15 million in mid-September to a staggering $771 million.
If it reaches the $1 billion mark, Neiro will join other high-profile memecoins like Popcat (POPCAT), a Solana-based token that recently hit a $1 billion valuation.
Neiro’s open interest has also hit record highs, surging to $196 million from its monthly low of $45 million, indicating an uptick in futures market activity.
Concerns About Market Manipulation
However, Neiro’s surge has raised concerns among retail investors about the concentration of its supply in the hands of a few large holders, or “whales.”
Data shows that the top 10 holders control more than 65% of Neiro’s total supply, sparking fears of potential market manipulation.
Major algorithmic trading firms like Winterminute and GSR have been quietly accumulating Neiro, leading to worries that Neiro’s rapid rise may be driven by a few key players rather than widespread retail interest.
This contrasts with 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. 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.
