NEIRO has experienced an explosive rally, jumping over 100% to a high of $0.176, following the announcement of NEIROETH perpetual futures listings on major exchanges Binance and OKX.
Notably, this sharp rise came amidst a broader market downturn triggered by a mixed US nonfarm payrolls report, highlighting NEIRO’s remarkable performance against the backdrop of widespread sell-offs.
Binance and OKX listings drive NEIRO price surge
In an announcement made on September 6, Binance introduced USD-margined NEIROETH perpetual contracts that were to launch at 14:00 (UTC) the same day, allowing traders to leverage their positions up to 75x.
This high-leverage option has attracted considerable attention and trading activity, contributing to the token’s rapid price increase.
The USD-margined NEIROETH perpetual contracts offer trading around the clock, a feature that has significantly boosted NEIROETH’s trading volume and overall market interest.
In addition to Binance’s move, OKX also launched NEIROETH perpetual futures, adding it to their existing lineup of digital assets including BRETT and CAT.
OKX’s futures offer a leverage range of 0.01-20x, catering to both conservative and high-risk traders.
The Binance and OKX’s perpetual contracts add to the two already existing NEIROETH perpetual contracts offered by BITMEX and Bybit.
Following the introduction of the two more NEIROETH perpetual contracts, the trading volume and market cap of NEIRO saw substantial increases, with its market cap climbing over $147 million and open interest surging above $41 million according to Coinalyze.
Can NEIRO sustain the price surge?
The impressive rise in NEIRO comes amid a broader market downturn.
On September 6, the crypto and stock markets both experienced significant declines following a mixed US nonfarm payrolls report.
Bitcoin (BTC) fell to $53,000, its lowest point since August 7, while other major cryptocurrencies like, Ethereum (ETH), Aave (AAVE) and Ripple (XRP), and Dogecoin (DOGE) also saw declines.
The stock market indices, including Nasdaq 100, Dow Jones, and S&P 500, fell by over 1%, with major tech companies such as Tesla, Nvidia, and Broadcom dropping more than 5%.
Following its massive price gain, NEIRO has emerged as a standout performer, driven by its viral popularity on social media and the recent launch of its perpetual contracts.
However, NEIRO’s surge may be short-lived. Historical trends suggest that tokens often experience heightened activity following listings on major exchanges, but such gains can be fleeting as the market adjusts.
Additionally, Bitcoin’s potential formation of a death cross pattern, a technical signal that could indicate further declines, might negatively impact NEIRO and other altcoins.
Looking ahead, the Federal Reserve’s response to the weak jobs report could play a pivotal role in shaping the future performance of the crypto market including NEIRO.
A potential interest rate cut could provide a bullish signal for NEIRO and other cryptocurrencies, potentially offsetting some of the negative impacts from broader market trends.
While NEIROETH’s recent performance has been impressive, particularly in contrast to the broader market downturn, investors should remain cautious.
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