First Neiro on Ethereum (NEIRO) Is One of the Few Meme Coins That Registered a Price Increase in the Last 24 Hours

Through this on-chain analysis, BeInCrypto breaks down the factors contributing to the meme coin's recent performance and explores potential price trajectories moving forward.

The price of First Neiro on Ethereum (NEIRO) has seen an uptick in the last 24 hours, while many meme coins continue to experience a decline in their value. Here's an analysis of the factors contributing to NEIRO's resilience and potential price trajectories moving forward.

Key Takeaways

NEIRO's crypto price increased by 11% in the last 24 hours.

A surge in volume and activity from large-scale investors drove up the demand for NEIRO tokens.

The meme coin's price is poised to rise further if buying pressure remains strong and traders follow the trend.

However, a shift towards distribution could lead to a decline in NEIRO's crypto price.

NEIRO's crypto price surged by 11% in the last 24 hours, bucking the trend of meme coins that saw their value plummet. In contrast to Dogecoin (DOGE) and Shiba Inu (SHIB) both dropped by over 5%, NEIRO tokens experienced a slight increase in demand.

This development has sparked curiosity about NEIRO's resilience and the factors contributing to its recent performance. Through this on-chain analysis, BeInCrypto will break down the analysis and explore potential price trajectories.

First Neiro on Ethereum Volume Rises, Whales Follow

According to data from Santiment, NEIRO's price surge can be attributed to an increase in volume. In simple terms, a cryptocurrency's volume represents the total of all buy and sell transactions within a specific period.

An increase in volume indicates active buying and selling, while a decrease suggests lower investor engagement with the token. On Thursday morning, the meme coin's volume had almost dropped below the 300 million mark.

However, at press time, the value had increased to $512.84 million, indicating rising interest in the token. Should the volume continue to rise, then NEIRO's crypto price might also follow in a similar direction.

Another factor contributing to the meme coin's price increase can be observed by tracking the activity of large-scale investors. Earlier in the week, the balance of addresses holding over 1 billion NEIRO tokens was below the 318 billion mark.

Today, that figure has risen to 322.72 billion, indicating a net increase of several billion tokens in the hands of whale investors. Typically, when whales purchase substantial amounts of tokens, it tends to have a positive impact on the price.

As a result, it was inevitable for the token's value to rise.

NEIRO Price Analysis: Bullish

At press time, NEIRO's price is $0.0016. According to the daily chart, the Chaikin Money Flow (CMF) has turned upwards.

The CMF oscillates between +1 and -1, with a centerline at 0, providing insights into market sentiment and potential price movements. With these values, the CMF can gauge accumulation (buying pressure) and distribution (selling pressure).

It also aids in interpreting key market signals, such as entry points and exit levels. When the CMF reading rises, it indicates increasing buying pressure, suggesting that more investors are accumulating the asset.

Conversely, a decline in the CMF reading signifies distribution, indicating that selling pressure is present and investors are offloading their holdings. Therefore, in NEIRO's crypto case, the rising reading indicates that buying pressure is present and the price might increase.

In this instance, the meme coin's value could surge to $0.0020. However, if distribution overtakes accumulation, the price might drop to $0.0011.