Neiro bucks bearish market trend, surges 100% in five-day rally

Neiro, a rapidly rising memecoin, has bucked the trend of a bearish crypto market, soaring over 100% in just five days and experiencing a staggering 5000% increase from its September low. While major cryptocurrencies like Bitcoin and Ethereum struggle, Neiro has gained another 10% in the last 24 hours, trading at $0.001834, significantly above its September lows.

This impressive price movement has garnered considerable attention, particularly given the prevailing bearish sentiment in the market. Neiro’s rally is supported by a surge in daily trading volume, which has exceeded $881.8 million, driven primarily by trading on exchanges such as XT.COM, WhiteBIT, and Binance.

The market capitalization of Neiro has skyrocketed from $15 million in mid-September to approximately $771 million, placing it just 29% short of the coveted $1 billion mark. Achieving this milestone would position Neiro alongside other prominent memecoins like Popcat, which recently reached a $1 billion valuation.

Additionally, Neiro’s open interest has surged to record levels, climbing to $196 million from a monthly low of $45 million. This increase in futures market activity indicates that traders are likely ramping up leveraged positions on the token, anticipating further gains or significant volatility.

However, there are growing concerns regarding the concentration of Neiro’s supply among a few large holders, or “whales.” Data from CoinCarp shows that the top 10 holders control more than 65% of the total supply, raising fears of potential market manipulation, as these major players could significantly influence the token’s price.

Furthermore, major algorithmic trading firms like Wintermute and GSR have been quietly accumulating Neiro, prompting worries that the coin’s rapid ascent may be driven by a select few rather than broad retail interest. In contrast, memecoins like Popcat exhibit a more decentralized supply, with their top holders controlling only 17% of the total supply.

Neiro’s surge is part of a broader trend in the memecoin space, where the total market cap of all tracked memecoins has now surpassed $52 billion, according to CoinGecko. While established tokens like Dogecoin and Shiba Inu continue to lead, newer entrants like Neiro, Popcat, and SPX6900 have made impressive strides. For instance, Popcat, launched in December, has quickly reached a $1 billion valuation, while SPX6900 currently stands at $574 million.