🌎 NEIRO Token Soars 600% After Binance Listing and Justin Sun Endorsement

First Neiro on Ethereum, a popular meme coin described as the little sister of Dogecoin, surged by over 600% on Monday, Sept. 16.

NEIRO Token Goes Parabolic After Binance Listing

The First Neiro on Ethereum token soared to a record high of $0.00040, increasing by over 1,620% from its lowest point this month, resulting in a market cap exceeding $140 million.

This rally was fueled by an indirect endorsement from Justin Sun, the billionaire creator of Tron. In a social media post, he commented that the token had “swag,” which was interpreted as a positive endorsement.

Justin Sun is a prominent figure in the crypto industry, with his crypto holdings estimated at over $994 million. He also serves as an advisor to HTX, one of the largest crypto exchanges globally.

The NEIRO token also saw a significant boost after Binance, the world’s largest crypto exchange, announced it would list margined Neiro perpetual contracts on Sept. 16. Cryptocurrencies often see sharp increases after being listed by top-tier exchanges such as Binance, though these gains can be short-lived.

High Trading Volume and Profit-Taking

Neiro’s surge occurred in a high-volume environment. Data shows that the 24-hour volume rose to over $202 million on Monday, significantly higher than Sunday’s $7.7 million.

There are indications that some large holders have started selling their coins. One high-volume address turned $37,648 into over $266,300 by selling over 1.18 billion tokens as the token surged. Another trader, who turned $46,900 into $245,560, also sold over 1 billion tokens.

Technical Analysis of NEIRO Token

On the four-hour chart, the NEIRO token jumped and hit a crucial resistance level at $0.00399, its previous all-time high. This rebound occurred after the token formed a triple-bottom chart pattern at $0.000034, a popular bullish sign in the market. It then surged above the key resistance point at $0.00010, its highest swing on Sept. 2 and the neckline of this pattern.

The path of least resistance for the Neiro token is currently downward as profit-taking increases. If this happens, it will likely drop and retest support at $0.00020. A move above the all-time high of $0.00040 would indicate further upside potential.