Analysis of NEIROETH Price Rises 50%, Here’s the Reason!

Bittime - In the last 24 hours, the price of NEIROETH (Neiro Ethereum), a meme coin inspired by Shiba Inu, experienced a significant spike. 

With increasing investor interest, NEIROETH price is now among the top crypto assets in terms of price performance. What caused the price of this token to soar? Read this article to find out more!

NEIROETH Price Rises

NEIROETH, which has a dog theme, refers to the Shiba Inu belonging to Atsuko Sato, Kabosu's dog caretaker which is also connected to the meme coin Dogecoin (DOGE). 

According to Lookonchain, several new wallets have started actively accumulating NEIROETH, indicating renewed interest in the project. It is estimated that this investor interest has the potential to drive NEIROETH's price up.

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New Wallet Buy NEIROETH Tokens, NEIROETH Price Rises

One Ethereum wallet, newly created on October 28 with the initial code “0xec6b,” reportedly made a withdrawal of 230.4 ETH from the OKX exchange, worth more than $575,000, to purchase approximately 8.23 ​​million NEIROETH tokens. 

Within hours of the purchase, the value of the wallet's NEIROETH tokens soared to $860,663, resulting in a profit of around $300,000 for the trader. The number of NEIROETH tokens in this wallet is equivalent to 342 ETH.

Another trader also created a new wallet and purchased 5.41 million NEIRO tokens via the Ethereum network from the Gate.io exchange, worth approximately $453,000. In a short time, the value of the tokens in this wallet rose to $566,117 or around 225.38 ETH.

NEIROETH Price Rises 50% in Last 24 Hours

The price of NEIROETH skyrocketed more than 60% in the past day to become one of the highest rising crypto assets on the market. Currently, NEIRO is among the top 450 crypto assets by market capitalization. 

Source: Bittime.com

Meanwhile, based on the Bittime market, NEIROETH price has increased by 50.02% in the last 24 hours, and is trading at IDR 1,672. 

During the same period, NEIROETH also recorded gains of 60.9% against Bitcoin (BTC) and 61.4% against Ethereum (ETH).

NEIROETH's trading volume on the Ethereum network saw a sharp increase, reaching $53,156,854, up 62.10% compared to the previous day. 

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Performance of NEIROETH Price Amidst Positive Trend

Even though NEIROETH price in the last 24 hours has been very positive, NEIROETH still needs to recover from the previous big drop. On August 7, 2024, NEIRO's price peaked at $0.2933. 

However, since then the price of NEIROETH has decreased by 67.93%. However, NEIROETH still shows an increase of 304.21% compared to its lowest price recorded on September 3, 2024.

MA Indicator: NEIROETH Price Trend is Positive

Based on the Moving Average (MA) indicator, the NEIROETH price trend is currently considered positive. Ten MA indicators show a “buy” signal while one indicator is in the neutral position, and there is no “sell” signal. 

This Moving Average indicator is used to measure momentum, assess trend direction, and identify support and resistance levels, all of which indicate an uptrend.

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