Neiro Ethereum (NEIRO), the dog-themed meme coin that was launched a few days ago, has hit another all-time high. At press time, NEIRO’s price is $0.27, thanks to a 23.81% 24-hour increase.

The market cap of the 10-day-old token, which surpassed $100 million within a short period, is now approaching $300 million. This on-chain analysis dives into the factors responsible for the immense growth and what could be next. 

BeInCrypto finds that the cryptocurrency has been able to sustain the hike due to the rise in the balance of addresses. 

According to Santiment, addresses holding 10,000 to 1 million tokens have added to their holdings despite a few drawdowns before the recent milestone. Typically, an increase in a cryptocurrency’s balance, especially from large investors, serves as a sign of conviction in its short—to long-term potential. 

Therefore, it seems that several whales in the market believe that NEIRO on ETH is not just a “pump and dump” meme coin. Instead, the sentiment shown by their actions tilts toward the belief that the token could replicate the longevity similar to the top meme coins in the market.

However, it is worth noting that Ethereum co-founder Vitalik Buterin does not share this sentiment. This is because Buterin sold all of the 4% supply the Neiro Ethereum team airdropped to him on August 5.

Despite the controversial circumstances under which this occurred, the NEIRO on ETH community appears to be sticking to the script of HODLing. Meanwhile, NEIRO’s daily on-chain transaction volume in profit seems to support the possibility of a higher price.

This metric tracks the number of tokens involved in transactions that resulted in realized profits. When this number increases, cryptocurrency holders sell, which could put downward pressure on the price.

But for NEIRO, the daily on-chain transaction volume in profit, as of today, is lower than the past four days. If this remains the same, NEIRO’s price may not feel the negative impact of increased profit-booking. 

NEIRO Price Prediction: Can It Reach $0.30?

Based on the 4-hour chart, NEIRO seems ready to hit new highs as long as it experiences increasing upward momentum. The Awesome Oscillator (AO) is one indicator supporting this bias.

The AO is a technical analysis tool that measures momentum by comparing the difference between the 34-period and 5-period Simple Moving Average (SMA). This difference results in a histogram that shows whether momentum is bullish or bearish.

At press time, the AO on NEIRO’s chart is above the zero line, indicating that momentum is bullish. If sustained, this could help NEIRO’s price trade higher in the short term, possibly surpassing the $0.28 to $0.30 levels.

However, if the number of addresses holding the token decreases or profit-taking jumps, this prediction may be invalidated. If that is the case, NEIRO’s price could drop to $0.24.

In the meantime, SlumDOGE Millionaire, a trader who was one of the biggest gainers of Dogecoin’s (DOGE) 2021 bull run, says that he bought into the NEIRO on ETH instead of the one on Solana.

Before concluding, the trader gave some reasons, saying that the meme coin held strongly during Monday’s broader market crash. Other ground mentioned includes the Dogecoin narrative, and its strong community. 

“This NEIRO is the new DOGE. It is literally and figuratively and will carry the torch that the original DOGECOIN sparked.” SlumDOGE Millionaire opined.