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Neiro looks to sustain momentum following 856% spike on Binance listing

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Neiro looks to sustain momentum following 856% spike on Binance listing

“First Neiro on Ethereum,” an Ethereum-based meme coin, is looking to sustain the bullish momentum it recorded following the Binance listing announcement. 

On Sept. 16, Binance announced that it would list Neiro (NEIRO) alongside two other assets in its spot trading platform. The listing sent the meme coin’s price surging, culminating in a massive 856% intraday gain yesterday.

Notably, the crypto asset touched an all-time high of $0.00044012 on Sept. 16 before facing a roadblock in its uptrend. Despite this slight resistance which pared some gains, it managed to stay in positive territory. 

NEIRO price and RSI – Sept. 17 | Source: crypto.news

NEIRO is now up 22.69% over the past 24 hours and is trading at $0.00040359 at the reporting time. The meme coin’s market cap has skyrocketed 748% in the last seven days alongside its price, currently at $166.76 million, with a 24-hour volume of $424.8 million.

Neiro is currently sitting above its upper Bollinger Band at $0.00028659. This position suggests a strong upward momentum but also indicates that the asset is in an overbought territory, which can signal a potential pullback or price correction.

However, market enthusiasm can sometimes sustain an overbought condition for longer periods. The current major resistance is now hovering at $0.0004401. If the meme coin maintains its momentum, further upward movement to these levels could be possible.

The Relative Strength Index at 84.63 is well above the overbought threshold of 70. Typically, such a high RSI value could indicate that the asset might soon face downward pressure as traders might start taking profits.

On the downside, the critical pivot point is at $0.00015806, which would act as immediate support in case of any price drops. A break below this level could lead to a test of the far lower support at $0.00001442.

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Theo Crypto News

Phân tích

Baby Doge Coin spikes 57% following Binance listing

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Multi-chain meme coin Baby Doge Coin records a sharp increase in its price following a listing announcement from Binance. 

Binance, the world’s largest cryptocurrency exchange by trading volume, revealed today that it would list Baby Doge Coin (BabyDoge) alongside Neiro (NEIRO) and Turbo (TURBO) for spot trading. The disclosure generated renewed interest among traders, leading to a rapid price rally for BabyDoge.

According to Binance, trading for the 1MBABYDOGE/USDT pair would start at 10:00 UTC today. The exchange also opened deposits for the listed coins one hour prior to the start of trading, allowing users to prepare for the market launch. 

Per the announcement, withdrawals will be available starting tomorrow, Sept. 17, as scheduled. The platform noted that no listing fees were charged for the assets.

Following the announcement, BabyDoge saw a dramatic price rise, spiking by more than 86% this morning to reach the $0.000000002 psychological level for the first time in more than three months. 

BabyDoge price – Sept. 16 | Source: crypto.news

This represents a substantial recovery after the token had been under pressure since mid-June, along with much of the broader cryptocurrency market. Despite facing resistance at the $0.000000002 level, the coin has managed to maintain a 57% gain over the past 24 hours.

Notably, BabyDoge currently trades at $0.0000000017060, up 59% this morning, with its price breaking through the upper Bollinger Band at $0.0000000013246. 

This current position suggests that BabyDoge’s price has significantly deviated from its typical range, showing high volatility in response to the Binance listing announcement. However, this also suggests that the token is currently overbought, and a retracement could be on the horizon.

Further, The Commodity Channel Index for BabyDoge has also surged to 549, confirming the strong upward momentum. Such a high CCI reading suggests that BabyDoge is experiencing heightened buying pressure, with volumes spiking to levels last seen in late August.

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Theo Crypto News

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BNB forms a rare bullish pattern as active addresses rise

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Binance Coin rose for the fifth consecutive day as on-chain activity showed rising active addresses and transactions in the network.

Binance chain active addresses are rising

Binance Coin (BNB) rose to an intraday high of $545, its highest level since Aug. 27, and 15% above its lowest point this month. It has surged by over 36% from its August lows.

Its recovery has mirrored that of other coins. Sui (SUI) rose to its Aug. 24 highs while, Popcat (POPCAT) and BinaryX (BNX) reached their highest levels in weeks.

BNB’s price increase was driven by on-chain metrics, which showed that the number of active addresses rose by 4% in the last 24 hours to 925.7k, while transactions increased by 15% to 4.2 million. According to data from Nansen, these transactions hit their highest level in almost a month.

However, zooming out, data shows that on-chain transactions and active addresses are not performing as well. The number of active addresses peaked at 3.58 million in December, meaning they have dropped by over 75%.

BNB active addresses | Source: Nansen

The number of transactions also peaked at 4.8 million in August and has since dropped by over 75%. BNB Smart Chain’s fees have also been in a downward trend, falling from over $1.5 million in April to $372,000.

More data by DeFi Llama shows that the total value locked in the BNB Chain’s DeFi ecosystem stood at over $4.4 billion, with Venus, PancakeSwap, and Lista DAO being the biggest apps. The TVL has dropped from over $5.8 billion earlier this year. 

BNB Chain DEX platforms handled over $3.6 billion in assets in the last seven days, making it the fourth-biggest chain after Ethereum, Solana, and Arbitrum. 

Another risk for Binance Coin is that it is primarily held by Binance and insiders, which could cause issues if they decide to sell. Data by CoinCarp shows that the top ten entities hold 75.6% of all tokens.

BNB has formed a bullish pattern

BNB price chart | Source: TradingView

The daily chart shows that Binance Coin has formed an inverse head and shoulders chart pattern, a rare bullish signal. The recent rebound was part of the right shoulder.

BNB has moved above the 50-day moving average and the 38.2% Fibonacci Retracement point while the Relative Strength Index has crossed the neutral point at 50, meaning that it is gaining momentum.

Therefore, the coin may continue rising as bulls target the head-and-shoulders pattern’s neckline at around $600.

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Pháp Lý

Binance-backed Tokocrypto secures license from Indonesian regulator

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Tokocrypto, a Binance affiliate, has secured a license from Indonesia’s regulator, allowing it to operate as a licensed crypto asset trader.

Tokocrypto (TKO), a Binance-owned cryptocurrency exchange in Indonesia, has secured a physical crypto asset trader license from the Commodity Futures Trading Regulatory Agency (also known as Bappebti), marking an advancement for the exchange in Indonesia’s crypto sector.

In a Sept. 9 press release, Binance said that Tokocrypto, which first registered as a prospective physical crypto asset trader in 2019, has completed a rigorous licensing process to achieve full operational status as a physical crypto asset trader.

Binance chief executive Richard Teng praised the achievement, describing it as a testament to the exchange’s regulatory diligence and its role in fostering a robust crypto ecosystem in Indonesia.

“We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti.”

Yudhono Rawis, Tokocrypto CEO

Following the announcement, Tokocrypto’s native token, TKO, surged 12% on the day and has risen nearly 23% over the month, bringing its market capitalization to $24.7 million.

Tokocrypto reported a significant expansion in 2024, with its user base growing to over 4.5 million and a 138% increase in monthly average trading volume. Binance acquired the exchange in late 2022 for an undisclosed amount, which led to the departure of former CEO Pang Xue Kai and a 58% reduction in staff.

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Altcoin

Neiro on ETH price doubles as crypto dump unfolds

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It was a sea of red in the crypto and stock markets on Friday, Sep. 6, as the market reacted to the mixed U.S. nonfarm payrolls report.

Bitcoin (BTC) crashed to $53,000, its lowest point since Aug. 7 while AAVE (AAVE) and Near Protocol (NEAR) fell by over 4%. 

The same sell-off occurred in the stock market as the Nasdaq 100, Dow Jones, and S&P 500 indices fell by over 1%. The tech-heavy Nasdaq 100 and the small-cap-heavy Russell 2000 indices were among the worst performers. Popular technology companies like Tesla, Nvidia, and Broadcom fell by over 5%.

On the other hand, Neiro on ETH (NEIRO), a relatively new meme coin, was the best-performing asset as the Black Friday sell-off continued. Its token jumped by more than 100% to a high of $0.176, its highest swing since Aug. 5. 

It has surged by more than 538% from its lowest point this week, giving it a market cap of over $147 million. This rally occurred as the token went viral on social media, becoming the most shared token on X.

Neiro on ETH also jumped after Binance launched its USD-margined perpetual contracts. Data compiled by CoinGlass shows that the token’s open interest surged to a record high of $35 million. This open interest was mostly from Bybit, meaning the figure could increase when Binance is fully integrated.

In most cases, tokens tend to see more activity after being listed on Binance and other tier-1 exchanges. However, these gains are often short-lived as the market adjusts to the new normal. For example, Pyth Network surged after its Binance listing in February, only to drop to a record low this month.

The other risk for Neiro on ETH is that Bitcoin is about to form a death cross pattern, which could lead to further downside. Most altcoins tend to drop when Bitcoin is underperforming.

Still, a potential catalyst for Neiro and other coins is the weak jobs report, which could prompt the Federal Reserve to cut interest rates, a historically bullish signal.

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Theo Crypto News

Phân tích

Reef price rebounds as futures open interest hits 2-year high

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Reef token rose for five consecutive days as demand in the spot and futures market rose after it was delisted by Binance.

Reef (REEF) rose to a high of $0.0012 on Sept. 3, marking its highest point in a month and 106% above its lowest point last month. This recovery brings its market cap to over $25 million.

Reef’s recovery followed the launch of a new community developer fund by its developers, aimed at supporting projects related to lending protocols, hardware wallets, DAO infrastructure, and bridge integrations.

Reef’s rally led to a sharp increase in investor demand. Data from CoinGecko shows that the 24-hour trading volume jumped to $45 million on Tuesday, up from $23 million on Sept. 1, marking its highest point in nearly a month.

Additionally, Reef’s open interest in the futures market soared to $60 million, its highest level in two years, significantly higher than August’s low of $3 million.

Notably, Reef’s rebound occurred after the token was delisted by Binance, the most popular crypto exchange. Typically, cryptocurrencies tend to retreat after being delisted by tier-1 exchanges.

Data indicates that most of the trading is happening on Gate.io, followed by HTX, KuCoin, and Bitget.

Reef price crosses key resistance

Reef price chart | Source: TradingView

Reef rose to a high of $0.0013, crossing the important resistance point at $0.0011, its lowest swing in August last year.

Before its rebound, Reef formed a falling wedge pattern, a popular bullish reversal indicator. The token has now rallied above the 50-day moving average, while the Relative Strength Index is nearing the overbought level of 70. The RSI is a momentum indicator that measures an asset’s rate of change.

The Average Directional Index, which measures the strength of a trend, was at 50 and pointing downwards. Therefore, the token will likely retreat briefly as traders take profits before potentially resuming the bullish trend.

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Theo Crypto News

Công nghệ

Report: Blockchain is poised to overhaul global payment systems

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According to a Binance report, blockchain technology is set to transform the global payments landscape by addressing inefficiencies in traditional financial systems.

The Binance research report highlights that while current payment methods, such as Visa and Mastercard, offer the convenience of near-instantaneous payment authorization, actual settlement times often lag, sometimes by several days.

This delay is especially pronounced in cross-border transactions, where communication between banks in different countries can extend settlement times.

In contrast, blockchain-based payments offer near-instant settlement. The report cites a 2021 pilot conducted by Visa and Crypto.com in Australia, where the use of USDC (USDC) and the Ethereum (ETH) blockchain allowed cross-border transactions to be settled in a fraction of the time traditionally required.

Blockchain payments are cheaper than traditional means of payment

The report highlighted some of the cost advantages of blockchain payments. Traditional remittance services charge high fees, particularly in regions like Sub-Saharan Africa, where the average cost of sending money is 7.73%. 

Using blockchain for payments is becoming increasingly popular due to its significantly lower costs compared to traditional methods.

By comparison, blockchain networks like Solana (SOL) enable transactions at a fraction of the cost. Sending stablecoins via Solana incurs minimal fees, often amounting to just a fraction of a cent.

Stablecoin popularity

Stablecoins have become essential for blockchain payments, with the market settling over $10.8 trillion in transactions in 2023, according to the report. When excluding automated activities, the figure is $2.3 trillion.

Source: Coinbase, Binance Research, as of August 2024

The stablecoin market has grown steadily, with a combined market cap of over $160 billion, led by Tether (USDT) and USDC, which dominate 73% and 21% of the market, respectively.

Challenges in blockchain infrastructure

The report noted that current blockchain infrastructures have their challenges. Scalability remains a key issue, with even the most advanced blockchains like Solana struggling to match the transaction processing speeds of established payment networks. 

Solana, the report reveals, has experienced multiple outages since its launch, raising concerns about the reliability of blockchain technology for large-scale institutional use.

“Since the mainnet launched in 2020, Solana has experienced 7 major outages which brought block production to a halt, with the latest occurring in February 2024. Such growing pain problems would understandably cause institutions to be cautious about relying on blockchains for key business operations, such as payments.”

Binance

Despite these challenges, the report suggests blockchains offer a promising alternative to traditional financial systems. Their transparency and decentralized nature foster greater trust and security in financial institutions, qualities that are increasingly sought after in a global financial system where centralization and control can be exploited for geopolitical purposes.

Looking ahead, the report envisions a future where blockchain technology plays a central role in global payments, particularly remittances. As the technology matures and regulatory frameworks evolve, businesses and consumers may increasingly opt for blockchain-based transactions over traditional methods. 

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Theo Crypto News

Phân tích

Binance saw $3.7b worth of BTC, ETH leave in 30 days

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Following the latest allegations, Binance, the leading cryptocurrency exchange, witnessed a huge number of Bitcoin and Ethereum outflows.

According to data provided by Coinglass, a total of 51398 Bitcoin (BTC) tokens left Binance over the past month. Data shows that the majority of the outflows, around 48,000 coins, happened on Aug. 27 as many Palestinian users complained of frozen assets on the exchange.

BTC balance on Binance – Aug. 29 | Source: Coinglass

In addition, Binance, the largest crypto exchange by trading volume, saw over 275,200 Ethereum (ETH) tokens leave the exchange in the past 30 days. The platform witnessed an outflow of 86,486 ETH over the past 24 hours alone.

The total amount of BTC and ETH that left Binance over the past month is worth roughly $3.7 billion at the reporting time. 

Despite the outflows, data shows that Binance is still the second-largest Bitcoin and Ethereum holder with a total balance of 566,113 BTC and 3.44 million ETH. Coinbase is currently leading the chart with 824,887 BTC and 4.44 million ETH, according to Coinglass data.

Most of these outflows came after Ray Youssef, the co-founder and former CEO of the peer-to-peer crypto exchange Paxful, claimed that Binance seized the assets of its Palestinian users. 

Binance told crypto.news that only a limited number of users have been affected due to the exchange’s anti-money laundering and terror financing policies. 

Many pro-Palestine users on X have been sharing a new hashtag, #BoycottBinance. Some have even started deleting their Binance accounts and criticizing the exchange’s move to freeze the funds of Palestinian users.

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Phân tích

Binance Coin rallies as BSC Chain DEX volume surpasses Solana

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Binance Coin’s price rally gained momentum as futures open interest reached its highest level since July 7, coupled with an increase in its Decentralized Exchange (DEX) volume.

The Binance Coin (BNB) token rose for three consecutive days, hitting a high of $583.90, its peak since July 31. This price movement coincided with a sharp rise in futures open interest. According to CoinGlass, open interest climbed to over $607 million, with significant contributions from Binance, Bybit, and BingX.

The rally also occurred alongside a surge in volume on the BNB Smart Chain. Data from DeFi Llama shows that 24-hour volume increased by 15% on Aug. 22, reaching $921 million. This growth allowed BSC to surpass Solana (SOL), whose volume dropped by 21% to $692 million.

Most of BSC’s volume growth came from DEX platforms like PancakeSwap, Dodo, Woofi, and Wombat Exchange. However, this was offset by a decrease in volume from other DEX dApps like Thena, BabySwap, and MDEX.

Still, Solana remains the second-largest DEX chain in the industry after Ethereum (ETH). Over the past seven days, Solana recorded a volume of $6.3 billion, compared to BSC’s $4.2 billion.

Solana also outperforms BSC in the Non-Fungible Token sector, with $79 million in sales over the last 30 days, while Binance processed $15 million.

Meanwhile, the number of unique active wallets in BNB Smart Chain rose by 3% on Aug. 22 to 414,000. Transactions rose by 8% to 725,000 while the number of dApps in the ecosystem rose to 5,455.

Another potential catalyst for BNB price could be the anticipated release of Changpeng Zhao from prison in September, which might attract inflows from day traders due to the surrounding hype.

Binance Coin to find resistance at $603

Binance Coin price | Chart by TradingView

The BNB token has seen a strong rally after bottoming at $400 on Aug. 5. It has turned the resistance at the 50-day moving average into support, while the Relative Strength Index (RSI) has moved above 50, indicating bullish momentum.

To sustain this rally, bulls will need to push the price above the critical resistance level at $603.63, which corresponds to the highest swing on July 22 and the 23.6% Fibonacci Retracement level. A break above this level could signal further upside, potentially targeting the year-to-date high of $723.

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