Shiba Inu’s rival Neiro on ETH (NEIRO) sees a dramatic surge of over 600% after leading crypto exchange Binance launched its USD-margined perpetual contract.
The broader crypto market continued its massive decline yesterday as investors reacted to the mixed report relating to U.S. nonfarm payrolls.
Reason Behind NEIRO Surge
Top crypto assets like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) saw significant drawdowns of at least 3%. However, Neiro on ETH, a popular memecoin characterized as Shiba Inu’s rival, experienced a massive price surge.
NEIRO’s price spiked by over 100% to a daily high of $0.1805 shortly after Binance launched the NEIROETHUSDT perpetual contract. The contract, which went live yesterday at 14:00 UTC, offered traders up to 75x leverage.
The Binance news follows a similar update from prominent crypto exchange OKX, which also introduced NEIRO’s perpetual futures trading.
NEIRO Spikes Over 600%
Expectedly, NEIRO reacted positively to the news, as its price surged to $0.1805. This represents a remarkable surge of 678.68% from its lowest price of $0.02318, registered on September 3.
In the meantime, NEIRO’s price has retraced to $0.1723, representing a surge of 230% in the weekly charts. It bears mentioning that NEIRO witnessed this tremendous rally after news of the Binance listing went viral on social media.
NEIRO Becomes Most Tweeted Altcoin
This made NEIRO the most tweeted altcoin on September 6, according to data from on-chain analytics platform AltsDaddy.
According to the data, NEIRO outperformed other prominent altcoins, such as Floki Inu (FLOKI), Solana (SOL), Carbon Browser (CSIX), Velo (VELO), and Kaspa (KAS).
🎗️ Fridays Top Tweeted #Altcoins 🎗️
1️⃣ $NEIRO
2️⃣ $FLOKI
3️⃣ $SOL
4️⃣ $CSIX
5️⃣ $VELO
6️⃣ $KAS
7️⃣ $PROPS
8️⃣ $LAND
9️⃣ $SUNDOG
🔟 $SOON#altssason #alts pic.twitter.com/yeH3RIxsDg— AltsDaddy (@AltsDaddycom) September 6, 2024
Unknown Whale Purchases $3M Worth of NEIRO
Furthermore, NEIRO’s listing on Binance and OKX attracted the attention of crypto whales, who scooped huge amounts of the token. Popular blockchain analytics platform LookonChain indexed one of these transactions, stating that a whale splashed $3 million to purchase 17.5 million NEIRO.
Data from Etherscan shows that the whale holds over $5.4 million worth of digital assets, with NEIRO ranking as the largest position by dollar value. Additionally, the purchase elevated the whale to become the largest individual NEIRO holder.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
