Neiro (NEIRO), a dog-themed meme coin, is outperforming most major crypto assets. The token has rallied by 3.4% in the daily charts, 60% in the weekly charts, 2857.8% in the 14-day charts, and 3621.2% over the previous month. The asset has also outperformed other significant meme coins, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Source: CoinGecko
While NEIRO dominates the charts, SHIB struggles to surpass the $0.000015 level. Dogecoin (DOGE), on the other hand, seems to be consolidating around $0.10.
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Why Is Neiro Rallying?
NEIRO’s current rally could be due to investors flocking to new memecoins to make profits as the larger market seems to be cooling off.
According to cryptocurrency analysis firm LookOnChain, one investor spent $1.53 million to buy 17.71 million Neiro on Ethereum ($NEIRO). The move may have triggered other investors to purchase other Neiro-related projects. Mainstream meme coins like SHIB and DOGE have not seen the same growth.
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Will Shiba Inu And Dogecoin Pick Up The Pace In October?
While September has historically been bearish for the cryptocurrency sector, October is usually quite the opposite. Given the historical data, we may witness a healthy rally next month. Shiba Inu (SHIB) and Dogecoin (DOGE) may witness some gains over the next few weeks.
CoinCodex analysts anticipate SHIB to surge to $0.00003176 on Sept. 29, 2024, a rise of about 115.3% from current price levels. The platform does not expect SHIB’s price to hold at the $0.00003 level, predicting a correction to around current levels right after.
Source: CoinCodex
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On the other hand, CoinCodex predicts DOGE will consolidate around its current price over the next few days, before dipping to $0.0935 by mid-October.
Source: CoinCodex