Neiro, a trending meme coin, has surged for the third consecutive day, achieving a record high of $0.001875.
The token has skyrocketed over 7,000% since its lowest point in September.
This impressive rally occurred in a high-volume trading environment, with 24-hour trading volume surpassing $1.13 billion, predominantly on major exchanges.
The surge was accompanied by a significant increase in futures open interest, which reached a record $175 million, climbing from a low of $50 million earlier this week.
Neiro’s market capitalization has soared to over $742 million, requiring a 38% increase to hit the $1 billion mark. Achieving this milestone would align it with the successful meme coin Popcat, which recently exceeded a $1 billion valuation.
With its current valuation, Neiro now eclipses well-known companies such as Groupon, Nikola, and Sleep Number, as well as popular meme coins like Baby Doge Coin and Book of Meme.
This notable rally occurred while Bitcoin and most altcoins saw declines. Bitcoin fell to $62,500, with others like Ethereum, Solana, and Dogecoin dropping over 2%.
Meme coins have emerged as some of the top performers in the cryptocurrency market this year. The combined market cap of all meme tokens tracked now exceeds $53 billion, with Dogecoin and Shiba Inu leading the pack alongside newer entrants making significant gains.
Popcat, launched in December, has quickly risen to a $1 billion valuation, while another meme token, Brett, on the Base Blockchain, reached $884 million recently.
Neiro Eyes Potential Support Retest
On its daily chart, Neiro has successfully breached the critical resistance level of $0.001375, its highest swing point since September 25. This breakout has invalidated a double-top chart pattern that was developing.
Technical indicators, including the Relative Strength Index and the Stochastic Oscillator, are now registering overbought conditions. As a result, a retreat to retest the support level at $0.001375 is likely before Neiro can resume its bullish momentum.
