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

Neiro Surges to Record High, Outperforming Major Cryptocurrencies

Neiro (NEIRO), a popular meme coin, has continued its remarkable rally for the third consecutive day, reaching a record high of $0.001875.

Since reaching its lowest level in September, Neiro has skyrocketed by over 7,000%. This surge has been accompanied by significant trading volume, exceeding $1.13 billion in the past 24 hours. Binance, Gate.io, and Bitget have accounted for the majority of this volume.

The rally has also coincided with an increase in futures open interest, which hit a record high of $175 million according to CoinGlass. This represents a significant increase from the low of $50 million earlier this week.

Neiro's market capitalization has now surpassed $742 million, placing it behind only a few well-known companies such as Groupon, Nikola, and Sleep Number. It has also surpassed other popular meme coins like Baby Doge Coin and Book of Meme.

Interestingly, Neiro's rally occurred while Bitcoin and most other altcoins were experiencing a decline. Bitcoin dropped to $62,500, while Ethereum, Solana, and Dogecoin all lost over 2%.

Meme coins have been among the top performers in the cryptocurrency market this year. The combined market capitalization of all meme tokens tracked by CoinGecko now exceeds $53 billion. While Dogecoin and Shiba Inu remain the largest, newer tokens like Popcat and Brett have gained significant traction in recent months.

Technical Analysis

On the daily chart, Neiro has broken through a crucial resistance level at $0.001375, invalidating a potential double-top pattern. The Relative Strength Index and the Stochastic Oscillator indicate overbought conditions, suggesting a potential retest of support at $0.001375 before the bullish trend resumes.