🚀 Gainers Spotlight: Neiro (NEIRO)
posted 8 Oct 2024
In the past 24 hours, the dog-inspired memecoin Neiro (NEIRO) soared over 16%, securing the highest return in CoinMarketCap’s top 100 rankings. The rest of the top five were rounded out by EIGEN, FTM, SUI, and SEI.
The Neiro token is named after a dog adopted by the owner of Kabosu, the beloved Shiba Inu behind the iconic DOGE meme, who sadly passed away on May 24, 2024.
In this way, the NEIRO coin, created in her honor, can be seen as DOGE’s younger sibling.
Neiro and Her Owner. Source: x.com
On August 4, 2024, the NEIRO token was deployed on the Ethereum network. A few days later, a post on X about Neiro captured the attention of Vitalik Buterin, significantly driving the token’s popularity.
The co-founder of Ethereum donated over $500,000 to an animal rescue fund, using NEIR for the transaction. This marked Vitalik’s second charitable donation involving memecoins (the first was with SHIB back in 2021).
The journey of the NEIRO token mirrors that of the dog it’s named after: before being adopted by Kabosu’s owner, Neiro was in a shelter. Similarly, NEIRO was created by a solo developer who disappeared after a rug pull.
Yet, Neiro found a loving home, and the NEIRO token was taken in by the community.
What’s Driving NEIRO’s Rise
On October 7, Vitalik Buterin shared a post praising meme project teams that donate part of their tokens to charity (while adding that it’s best to donate directly, without his involvement).
Vitalik’s mention of his NEIRO donation in the tweet reignited interest in the token.
Since then, NEIRO’s price has surged over 30%. This demonstrates how charitable initiatives from developers can translate into market gains.
There are also technical reasons behind NEIRO's rise. On October 3, after testing the upper boundary of its consolidation range at $0.0008882, the daily candle closed above this resistance level.
Simultaneously, the price corrected the imbalance at $0.0008496, signaling strong buyer activity.
NEIRO price chart. Source: tradingview.com
Another factor contributing to NEIRO's rally was liquidity compression: increased trading volume on Sunday triggered seller stop-losses, amplifying buyer momentum.
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