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Dog-themed meme coin First Neiro On Ethereum (NEIRO) became the market's best-performing cryptocurrency Monday, defying the slump in its sister coin Dogecoin DOGE/USD.

What happened: NEIRO, named after the newly adopted Shiba Inu pup of the owner of Kabosu, the inspiration behind DOGE and subsequent canine-themed cryptocurrencies, pumped over 19% to become the market's biggest gainer in the last 24 hours.

The coin's trading volume soared 90% to $1.206 billion, making it the second-most traded meme currency in the last 24 hours, above the likes of DOGE and Shiba Inu SHIB/USD.

NEIRO spiked to an all-time high of $0.001853, prompting a whale investor to purchase over 841 million of the coin, worth $1.45 million, in the last 24 hours, according to on-chain data. With a portfolio worth $6.51 million, the trader sat on a windfall of $2.67 million.

The entity that once made $145M from $SHIB is swapping their losing "Neiro Ethereum" for the winning "First Neiro on Ethereum".

5 hours ago, this entity sold all 17.5M #NEIROETH for $1.22M, taking a $1.49M loss (-55%) after a month of holding.

Meanwhile, they further bought… https://t.co/fnlVpC35NO pic.twitter.com/vUhcgPxkqN — Spot On Chain (@spotonchain) October 8, 2024

The rally shrugged off the 4% decline in DOGE, the largest meme coin by market capitalization. NEIRO was up a staggering 37174% since launch.

See Also: Kamala Harris On Cannabis And Crypto: Key Questions That Could Be Answered On ’60 Minutes’

Why It Matters: The official X account of NEIRO released a cinematic trailer recently, marketing NEIRO as the next big thing in the dog-themed memecoin arena.

In fact, last month, popular DOGE investor SlumDOGE Millionaire offered a bullish forecast for the coin, predicting that NEIRO will become a cult like the original meme coin.

Price Action: At the time of writing, NEIRO was exchanging hands at $0.001722, up 19.3% in the last 24 hours, according to data from Benzinga Pro.

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