Neiro Gains 14k Holders – What’s Driving the Meme Coin’s Meteoric Rise?

The post Neiro Gains 14k Holders – What’s Driving the Meme Coin’s Meteoric Rise? appeared first on Coinpedia Fintech News

More institutional investors are eyeing the project following the mainstream recognition of Neiro (NEIRO), a dog-themed meme coin that emerged first on the Ethereum (ETH) network. Furthermore, the recent listing of Neiro on the Binance exchange has influenced other CEXs worldwide to follow a similar path, thus significantly increasing the meme coin’s trading volume.

As of this report, the Neiro meme coin had a market cap of about $505 million and a daily average traded volume of over $528 million. The highly liquid meme coin, with over $11 million locked, has attracted more than 14k on-chain holders.

DWF Labs Supports Neiro

As the Dubai-based DWF Labs prepares to launch its synthetic stablecoin that offers users an opportunity to earn double-digits APY, the team led by Andrei Grachev announced the support of Neiro. 

The Neiro meme coin will be joining a vibrant ecosystem of crypto projects supported by DWF Labs in liquidity management. As of this writing, the DWF Labs portfolio consists of different crypto projects with a total market cap of over $50 billion.

Midterm Impact

The support of Neiro by DWF Labs will have a profound impact in the near term amid the ongoing crypto cash rotation. Moreover, Floki Inu (FLOKI) and Miladys (LADYS) have grown their respective communities in the past with the help of DWF Labs.

In the past two weeks, Neiro’s price has rallied over 30x to trade around $0.0012 on Tuesday during the early New York session.

If the Neiro meme coin follows the price action of Dogecoin (DOGE), a possible retrace could take place in the near term, as early investors take profits. However, the support from DWF Labs will help Neiro attract more investors and ultimately grow in bullish sentiments.