Neiro on ETH price doubles as crypto dump unfolds
It was a sea of red in the crypto and stock markets on Friday, Sep. 6, as the market reacted to the mixed U.S. nonfarm payrolls report.
Bitcoin (BTC) crashed to $53,000, its lowest point since Aug. 7 while AAVE (AAVE) and Near Protocol (NEAR) fell by over 4%.
The same sell-off occurred in the stock market as the Nasdaq 100, Dow Jones, and S&P 500 indices fell by over 1%. The tech-heavy Nasdaq 100 and the small-cap-heavy Russell 2000 indices were among the worst performers. Popular technology companies like Tesla, Nvidia, and Broadcom fell by over 5%.
On the other hand, Neiro on ETH (NEIRO), a relatively new meme coin, was the best-performing asset as the Black Friday sell-off continued. Its token jumped by more than 100% to a high of $0.176, its highest swing since Aug. 5.Â
It has surged by more than 538% from its lowest point this week, giving it a market cap of over $147 million. This rally occurred as the token went viral on social media, becoming the most shared token on X.
Neiro on ETH also jumped after Binance launched its USD-margined perpetual contracts. Data compiled by CoinGlass shows that the token’s open interest surged to a record high of $35 million. This open interest was mostly from Bybit, meaning the figure could increase when Binance is fully integrated.
In most cases, tokens tend to see more activity after being listed on Binance and other tier-1 exchanges. However, these gains are often short-lived as the market adjusts to the new normal. For example, Pyth Network surged after its Binance listing in February, only to drop to a record low this month.
The other risk for Neiro on ETH is that Bitcoin is about to form a death cross pattern, which could lead to further downside. Most altcoins tend to drop when Bitcoin is underperforming.
Still, a potential catalyst for Neiro and other coins is the weak jobs report, which could prompt the Federal Reserve to cut interest rates, a historically bullish signal.
