Specifically, Neiro, a rather unknown meme cryptocurrency, has recently become a focus of traders and investors mainly due to huge fluctuations in price. Currently referred to by the symbol NEIRO, the token has surged in value by a truly remarkable 257.99% over the last 24 hours, completely disregarding the tendencies in other trading assets.
Neiro is currently at 2819 in ranking on primary platforms to track cryptocurrencies and is now has $93.22 million in market cap. This has even taken most of the market players by surprise because just a few days ago the token had not been in the notice of most cryptocurrency lovers.
There has also been a rise in the trading volume for Neiro with the coin having a trading volume of $2,34 million in the last day which is a 109,08% rise. Such a spike in trading activity indicates that there is increased desire in the token, traders seeking to exploit this for more value.
Tokenization of Neiro is expressed by a rather high total and maximum supply equal to 1 trillion of NEIRO tokens. According to the project reports, all the supply is still in float, which could be making the token very price sensitive.
The recent development of Neiro has been similarly observed to many meme coins within the crypto sector. Such tokens, based on interference with the Internet and topics that are popular at the moment, can undergo a sharp increase in price due to the promotion of information in social networks and the purchase of tokens solely for the expectation of their growth in price. However, they are also characterized by recklessly high levels of fluctuation and by similar, recklessly low levels of price movement.
Experts and analysts are in disagreement on the future viability of the current path of the business. There are some supporters of tokens who emphasize the fact that low market cap and high volatility are a major hints of the possibility of continuing its growth. Some people, on the other hand, refer to the unpredictability of the meme coin niche.
The alt coin community has not been left out on theories that may have caused Neiro to pump. While some believe that it was accumulated buying signals in various communities of social networks, others have attributed the uplift to increasing attractiveness of low-cap altcoins following a period of stability in the top cryptocurrencies’ market.
However, while many traders are elated by the performance of Neiro prices, professional investors refer to the high volatility that is typical of such assets. Many meme coins, therefore, have little or no intrinsic value, so the stock price rationality is, at least in the short term, pure sentiment and momentum.
Like with any other positions in cryptocurrencies, especially those related to emerging tokens, Crypto Fusion buyers and sellers should approach the endeavor carefully; several other similar stories are evident in the crypto space to date when the market is compared to the last couple of years, especially within the novel meme coin space.
Neiro’s pump has already gotten attention within the crypto industry but one can wonder if this token can sustain its performance or will be like many other meme coins that disappear after some days or weeks of hype. As the crypto market continues to evolve, Neiro’s performance serves as yet another reminder of the sector’s unpredictable and often irrational nature.
