Neiro (NEIRO), a dog-themed meme coin that initially launched on the Ethereum (ETH) network, is catching the attention of more institutional investors. This growing interest has been significantly influenced by the recent listing of Neiro on the Binance exchange, prompting other centralized exchanges (CEXs) globally to follow suit. As a result, the trading volume of Neiro has seen a substantial increase.
As of this report, Neiro boasts a market cap of approximately $505 million and maintains an average daily trading volume exceeding $528 million. The highly liquid meme coin has over $11 million locked in, attracting more than 14,000 on-chain holders. This considerable interest and activity are strong indicators of Neiro’s potential in the meme coin market.
DWF Labs Supports Neiro
Dubai-based DWF Labs is preparing to launch its synthetic stablecoin, which aims to offer users the opportunity to earn double-digit annual percentage yields (APY). In a significant development, Andrei Grachev and his team at DWF Labs have announced their support for Neiro. This endorsement places Neiro within a vibrant ecosystem of crypto projects that DWF Labs supports in terms of liquidity management. Currently, the DWF Labs portfolio includes various crypto projects with a cumulative market cap exceeding $50 billion.
Midterm Impact
The backing of Neiro by DWF Labs is expected to have a profound impact in the midterm, especially amid the ongoing crypto cash rotation. Notably, other meme coins such as Floki Inu (FLOKI) and Miladys (LADYS) have successfully expanded their communities with the support of DWF Labs in the past.
In the last two weeks, Neiro’s price has surged over 30 times, trading around $0.0012 during the early New York session on Tuesday. Should Neiro follow the price action trajectory of Dogecoin (DOGE), a potential price retracement could occur in the near term as early investors might take profits. Nevertheless, the support from DWF Labs is likely to attract more investors, bolstering Neiro’s bullish sentiments and aiding its long-term growth.
In conclusion, Neiro’s journey from a relatively unknown meme coin to one that is garnering significant institutional interest highlights its promising potential. With key support from influential players like DWF Labs and a robust trading volume facilitated by major exchanges like Binance, Neiro is well-positioned to continue its upward trajectory in the crypto market.
