- Neiro surges 50% in 24 hours, hitting a 2-month high as whales return to accumulate.
- Open Interest, Trading Volume, and positive DAA Divergence signals growing bullish momentum.
As the crypto market recovered over the past day, memecoins have recorded massive gains. One of the top gainers is Neiro [NEIRO], also known as ‘First Neiro On Ethereum’.
The token surged from a local low of $0.000206 to $0.0003413 within 24 hours.
In fact, at press time, NEIRO traded at $0.0003276, marking a 50.03% daily gain. Over the same period, the memecoin’s volume has spiked by 603%, hitting $363.13 million.
Equally, its Open Interest was up 88%, reaching $36 million. The price pump amidst rising volume and Open Interest reflects strong demand, with bulls having a hold of the market.
But what exactly is driving this explosive move?
Why’s Neiro rallying?
According to AMBCrypto’s analysis, Neiro has experienced an upswing on its price charts as buyers, both retailers and whales, return to the market to accumulate.
For starters, as reported by SpotOnChain, Neiro whales are back in the market.
Reportedly, a whale withdrew 32.53 million NEIRO (worth $3.01 million or 3.25% of supply) from Gate.io and Bybit, becoming the third-largest non-CEX holder.
Often, when whales turn to accumulation, it indicates strong confidence in the market as they anticipate prices to rise even further.
Source: Coinalyze
Retail buyers join the fray
Looking further, this buying activity is not only isolated to whales only, as retailer activity on the spot market has also surged.
As such, Neiro’s Spot Buy/Sell Volume indicated massive buying activity, with buyers scooping up 62.13 billion tokens, while sellers offloaded 58 billion.
That left a net positive delta of 4 billion tokens—tilting the market clearly in favor of buyers. This trend is validated by Neiro’s Exchange Flow Balance, which has declined to -634.5 million.
A negative flow balance suggests that the Exchange Outflow is higher than the Inflows. Thus, the memecoin is seeing more accumulating addresses than deposits, reflecting bullish sentiments.
Source: Santiment
Therefore, the rising demand, accompanied by massive accumulation, is behind the current gains on its price charts.
What’s next for the memecoin?
Looking at Neiro’s price DAA Divergence, the memecoin’s fundamentals are strengthening as a user base grows.
The DAA divergence has turned positive after holding within negative territory for a long period. A reversal here indicates that the current price is backed by strong demand, and active demand is outpacing price.
Source: Santiment
In short, if demand sustains, NEIRO could climb to $0.000386. However, if it fizzles out, the token may correct to $0.000267.