The meme coin sector suffered painful losses in the past several days, with its market capitalization briefly plunging below $40 billion at one point. However, the landscape looks completely different today (September 10), with numerous tokens charting substantial gains.
The leading meme coin, Dogecoin (DOGE), hit a two-week high after surpassing $0.10, whereas its biggest rival, Shiba Inu (SHIB), saw its price rise by 2% daily.
Those stealing the show are certain cat-themed memes like Popcat (POPCAT) and Kittekoin (KOIN). The former jumped by 15% in the last 24 hours, while the latter tapped a new all-time high of almost $0.25 after skyrocketing by over 80%. KOIN lost some of the gains in the following hours, currently trading at around $0.18 (per CoinGecko’s data).
Other well-performing meme coins include BRETT (+6%), DOGS (+8.5%), PEOPLE (+16%), SUNDOG (+20%), and many more.
NEIRO Keeps Progressing
The recently launched dog-themed meme coin Neiro on ETH (NEIRO) also found a spot among the biggest gainers. Its price surged by 15% in the last 24 hours, reaching $0.18 for the first time since mid-August.
Its resurgence happened shortly after an interaction with Binance. Specifically, the exchange launched a USDT-margined NEIRO/ETH perpetual contract with up to 75x leverage.
This type of product enables users to bet on the price changes of the underlying digital assets without actually owning them. The contract offers high leverage, does not have a set end date, and requires traders to maintain a specific margin to keep their positions open.
Earlier this week, Crypto.com and OKX hopped on the bandwagon, too. The former allowed deposits and withdrawals of NEIRO/ETH via ERC-20, while the latter added NEIRO/ETH to its perpetual futures market.
The meme coin is up an impressive 450% on a weekly scale, with its 24-hour trading volume surpassing that of higher-ranked memes like BRETT, TURBO, MOG, and others.
Crypto X is full of analysts envisioning a further rally for NEIRO. Johny – an X user with almost 700,000 followers – thinks the current price zone of $0.18 is the last resistance before a spike to a new ATH. For their part, MoneyLord believes NEIRO could repeat WIF’s success witnessed earlier this year:
Final Thoughts
The recent resurgence in the meme coin market, highlighted by tokens like Dogecoin, Shiba Inu, and particularly newer cat-themed coins like Popcat (POPCAT) and Kittekoin (KOIN), underscores the volatile nature of this sector. The rapid gains experienced by these tokens, especially KOIN’s 80% surge, demonstrate the meme coin market’s susceptibility to speculative momentum.
While many of these tokens experience sharp rallies, they often face equally dramatic pullbacks, as seen with KOIN’s drop after hitting an all-time high. Despite their inherent risk, meme coins continue to attract interest due to their community-driven appeal and potential for quick returns.
Neiro (NEIRO), a recently launched dog-themed meme coin, stands out as a major player in this resurgence. With its price soaring by 450% on a weekly scale, NEIRO’s interaction with major exchanges like Binance, Crypto.com, and OKX has significantly boosted its visibility and trading volume. The introduction of USDT-margined NEIRO/ETH perpetual contracts with high leverage has further fueled speculation.
However, while analysts predict a potential breakout for NEIRO, the extreme volatility and speculative nature of meme coins should serve as a caution for investors, emphasizing the need for careful risk management in such unpredictable markets.
Article Source: CryptoPotato
