In 2024, meme coins have taken the cryptocurrency world by storm, and NEIRO has become one of the most sought-after coins of the year.
Is NEIRO a wise investment for the long run, though? And is there a chance that it will rise and reach $1 during this bull run?
Discover other enticing opportunities that are exploding in the cryptocurrency market as well as how realistic a $1 NEIRO price is by delving deeply into a market cap analysis of Neiro in this article.
Every successful coin has a fascinating backstory, as the original DOGE meme coin demonstrates.
Launched in 2014, DOGE was inspired by the popular Shiba Inu meme, which originated from Atsuko Sato’s affectionate blog posts about her dog Kabuso.
Regretfully, Kabuso passed away on May 24 of this year. Despite this, the meme coin community continues to support Dogecoin and its competitor Shiba Inu, and the search for his replacement has not ceased. The search resulted in the multi-coin breakout of NEIRO in August.
Can NEIRO Hit $1 in 2024: How High Can NEIRO Realistically Climb?
At the moment, NEIRO is trading at $0.001776, which indicates a 4.4% change in a day.
In addition, NEIRO has a market cap of $747,923,036; this places the coin at #102 on CoinGecko, which is an amazing accomplishment.
But this data also sheds light on how NEIRO may develop in the future and helps us address the important question of whether it will ever reach $1.
The first thing to know is that supply / demand equals market capitalization times price.
Multiplying the circulating supply of NEIRO by $0.001776 yields a market capitalization of $747,923,036.
As such, it is possible to investigate the possibility by performing some quick math when posing the question, “Will NEIRO hit $1?”
$1 (price) x 420,690,000,000 (circulating supply) equals $420,690,000,000 (market capitalization).
Therefore, it would be more appropriate to inquire as to whether it is feasible for NEIRO (or any other) coin to reach a $420.69 billion market capitalization.
To put that into perspective, NEIRO would be a truly global economic force if it reached this level, with a market cap larger than that of Samsung, Tesla, VISA, or even a nation like Austria or Israel. In fact, the only company that could compete with it would be Bitcoin, with a market cap of about $600 billion.
Though it seems improbable that a meme coin could get this far, NEIRO still has room to grow significantly from here.
How High Can NEIRO Price Really Climb?
Let’s imagine, for example, that it reaches a market cap equivalent to the third biggest meme coin in the industry, Pepecoin, which currently has a present value of $3,952,521,114.
Some quick maths reveals that $3,952,521,114 / 420,690,000,000 =$0.009395.
This is about an 8.5X increase from the current prices, but let us go a step further and consider what might occur in a parabolic market with a generous $20 billion market capitalization (as hit by Dogecoin in 2021).
$20,000,000,000 / 420,690,000,000 = $0.0475.
Even though it is still far from $1, this shows that NEIRO could mount a nearly 25X return maximum from current levels at its very topside.