Neiro (NEIRO), a meme coin inspired by the new dog serving as a replacement for Kabosu, the now-deceased face of Dogecoin (DOGE), has taken the crypto market by storm.

Launched a few days ago, NEIRO — specifically the one on Ethereum, reached a new All-Time High (ATH) of $0.19 today. Here is a detailed breakdown of how it happened and what could be next.

NEIRO Breaks Record Amid Market Turmoil

BeInCrypto’s findings show that the meme coin came to life on July 27. This was after Kabosu’s owner announced “the addition of a new family member” on X. The addition in question was “Neiro,” a Shiba Inu dog, which Degenerates assumed to be Kabosu’s replacement after it left this world on May 24.

Following the disclosure, developers deployed many tokens with the name on different blockchains. Moments later, prices of these meme coins rallied. While most of those upswings were short-lived, the Neiro on ETH sustained market dominance.

At press time, it had reached a mind-blowing market cap of $183.68 million. Data also shows that the four-day-old token jumped by 68.70% in the last 24 hours. Further, it has a total holder count of 7,280 and a 24-hour trading volume of $21.73 million.

Read More: Dogecoin (DOGE) vs Shiba Inu (SHIB): What’s the Difference?

NEIRO Price. Source: GeckoTerminal

Furthermore, the market cap is much more than that of a similar meme coin on Solana, which saw a notable 47.50% nosedive.

Will NEIRO on ETH Market Cap Hit a Billion Dollars?

The development is also in contrast to the way Solana meme coins have outperformed those on Ethereum. Furthermore, the ripple effect of this difference in price performance and market cap has led market participants to keep a close watch on the Ethereum-based token.

In fact, some of these traders have started comparing it to Dogecoin and Shiba Inu’s (SHIB) performance in 2021.

For example, Eunice D Wong, a trader, opines that NEIRO’s market cap can hit $1 billion.

“The more I observed how NEIRO on ETH is going, the more I noticed the similarity in billion-dollar projects. I’m putting it out here that it’s going to explode to a billion MC,” Wong wrote.

Interestingly, data from CoinGecko shows that the NEIRO token ranks as the 290th most valuable cryptocurrency. Apart from that, the token is the only meme coin with a positive return at a time when other cryptos in the same category are seeing red.

Read More: Best Crypto To Buy Now: Top Coins To Keep an Eye on in August 2024

Meme Coins Performance. Source: CoinGecko

However, it is important to mention that Neiro’s owner notes no involvement in the token deployment.

Due to the parabolic price increase, the cryptocurrency could also face increased profit-taking. But if the sentiment around the token remains bullish in the short to mid-term, then NEIRO may attempt to replicate Dogecoin’s performance.