Neiro's ETH price doubles as crypto crash unfolds

On Friday, September 6, the cryptocurrency and stock markets were in a sea of red as the market reacted to the mixed US nonfarm payrolls report.

bitcoin (btc) fell to $53,000, its lowest point since Aug. 7, while AAVE (AAVE) and Near Protocol (NEAR) fell more than 4%.

The same sell-off occurred in the stock market, with the Nasdaq 100, Dow Jones and S&P 500 indexes all falling by more than 1%. The tech-heavy Nasdaq 100 and the small-cap-heavy Russell 2000 were among the worst performers. Popular tech companies such as Tesla, Nvidia and Broadcom fell by more than 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 surged over 100% to a high of $0.176, its biggest swing since August 5.

It has surged by over 538% since its low point this week, giving it a market cap of over $147 million. This rally came as the token went viral on social media and became the most shared token on x.

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

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

The other risk for Neiro on eth is that bitcoin is on the verge of forming a death cross pattern, which could trigger a further decline. Most altcoins tend to fall when bitcoin underperforms.

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