- Dogecoin leads Monday’s gains as trading volume picks up $2 billion.
- Prominent market maker pours over 7% of Neiro ETH supply to Bybit.
- NEIRO erupts to a $2.32B volume on Derivatives.
Dogecoin (DOGE), the largest meme coin in the market, has justified the expectations of a historically bullish October. Known as “Uptober,” this month brought about humongous gains for meme and AI-driven coins, with mid-cap cats and dogs fighting it out on-chain.
Dogecoin Leads the Kennel: $0.175 Coming?
Picking up 6.2% gains in 24 hours, Dogecoin is heading towards the three-month high of $0.148, scored on October 21, 2024. This time, the top dog crypto is boosted by a massive trading volume on Spot, approaching $2 billion in the latest 24-hour window.
Dogecoin’s price is hovering around $0.143, an important resistance level outlined in Ali Martinez’s recent technical analyses. According to him, if DOGE sustains above the $0.143 resistance, flipping it into support, further growth of 25% to $0.175 is likely.
In crypto, it’s easier to turn confluent resistance levels into support when most holders are already making a profit. In Dogecoin’s case, 80% of current coin custodians are in profit, 3% are at status quo, and 17% are in red, according to holder data from IntoTheBlock.
However, October’s bull rally is mostly associated with meme coins, putting DOGE in fierce competition due to the emergence of Neiro (NEIRO), Popcat crypto (POPCAT), A Cat in a Dog’s World (MEW), and a lengthy list of other lesser-cap canine and feline peers.
Young DOGE Rival Neiro Embarks on 32% Rally
Just three days ago, one of the market’s heaviest liquidity providers dropped a bombshell on the crypto sphere. GSR Markets deposited 7.41% of the circulating supply of Neiro On ETH (NEIRO) to Bybit, making traders question whether the deposit was intended to provide liquidity or sell.
Despite the initial concerns, GSR Markets’ move played out well for the meme currency, as NEIRO sparked a 32% rally. As of press time, the meme coin traded at $0.1038, showcasing a $90 million trading volume on Spot markets.
As NEIRO reclaimed a $100 million market cap after a two-week hiatus, the token is mostly demanded on Bybit, consuming 38.98% of all trades.
This Dogecoin successor is also bursting out in volume on Derivatives markets, where $2.32 billion in trades suggests that Neiro is among the most popular altcoins in the leverage-based markets.
While most traders tend to go long, Binance’s customers have defied the general trend, as the 24-hour short-selling accounts outweigh Neiro On ETH bulls 100 to 74, according to CoinGlass.
On the Flipside
- Neiro On ETH should not be confused with Neiro CTO, even though both meme coins have an identical ticker.
- In contrast to Neiro On ETH, Neiro CTO is listed on Binance’s Spot offerings. It has a huge supply of 420.69T, similar to Pepe Token.
Why This Matters
Market makers are answering to the rising demand for more speculative digital assets, while leverage use is at an all-time high, potentially paving the way for an even bigger meme coin dominance.
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