The post Why Is Neiro Crypto Outperforming Other Meme Coins? appeared on BitcoinEthereumNews.com.

First Neiro on Ethereum (NEIRO) is one of the few meme coins that registered a price increase in the last 24 hours. Within that timeframe, many meme coins saw their values plummet, but NEIRO’s crypto price gained 11%. This development has sparked curiosity about NEIRO’s resilience. Through this on-chain analysis, BeInCrypto breaks down the factors contributing to the meme coin’s recent performance and explores potential price trajectories moving forward. First Neiro on Ethereum Volume Rises, Whales Follow According to Santiment, NEIRO’s price increased due to the surge in volume. In simple terms, a cryptocurrency’s volume represents the total of all buy and sell transactions within a specific period.  An increase in volume indicates active buying and selling, while a decrease suggests lower investor engagement with the token. On Thursday, October 24, the meme coin’s volume almost dropped below $300 million. However, at press time, the value had increased to $512.84 million, indicating rising interest in the token. Should the volume continue to rise, then NEIRO’s crypto price might also follow in a similar direction. Read more: What Are Meme Coins? Neiro Volume. Source: Santiment Another factor contributing to the meme coin’s price increase is the activity of large-scale investors. Earlier in the week, the balance of addresses holding over 1 billion NEIRO tokens was below 318 billion.  Today, that figure has risen to 322.72 billion, indicating that whales have been accumulating the token in significant amounts. Typically, when whales purchase substantial amounts of tokens, it tends to have a positive impact on the price. As a result, it was inevitable for the token’s value to rise. Neiro Whale Accumulation. Source: Santiment NEIRO Price Analysis: Bullish At press time, NEIRO’s price is $0.0016. According to the daily chart, the Chaikin Money Flow (CMF) has turned upwards.  The CMF oscillates between +1 and -1,…

---

Filed under: News - @ October 25, 2024 8:24 pm