The meme coin market is at it again.

Neiro Ethereum (NEIRO) has blasted off, rocketing over 1,000% to hit $0.2 earlier today.

Meanwhile, fellow meme coin Shiba Shootout (SHIBASHOOT) is also causing a stir – and is closing in on a cool $1 million in its presale phase.

Rapid Rise of “Ethereum’s Sister” Neiro Ethereum

Neiro Ethereum burst onto the scene on Tuesday, quickly catching the crypto community’s attention.

Since its Uniswap launch, NEIRO has soared over 1,000% from its initial price.

The token briefly tapped $0.208 earlier today before pulling back.

In the last 24 hours alone, it’s racked up over $36 million in trading volume.

This momentum hasn’t gone unnoticed – NEIRO is now #3 on CoinMarketCap’s trending list.

Billing itself as the “sister of the OG Doge,” NEIRO aims to capitalize on the popularity of dog-themed meme coins.

The project’s website highlights the standard features, which include its capped supply of one billion NEIRO and no buy/sell taxes.

Liquidity has been burned, too.

After rallying in the past few days, Neiro Ethereum has snagged some high-profile CEX listings, including LBank and MEXC.

All of this despite having no use case or utility to speak of.

Meme Coin Market Slumps, But Can NEIRO Beat the Odds?

NEIRO might be performing well, but the rest of the meme coin market is looking worse for wear.

Most of the top meme coins are in the red.

DOGE is down 4% since yesterday, PEPE has taken a 7% hit, and WIF has dropped by 12%.

Only TURBO has managed to stay afloat with a minor gain.

This slump has impacted the meme coin market cap, which has dipped below $47 billion.

However, it’s important to note that this isn’t happening in isolation.

The broader crypto market is experiencing a similar downturn.

Bitcoin, after tapping $70,000 earlier this week, has retreated below $65,000.