Bitcoin Plunges, Neiro on ETH Surges Amid Black Friday Sell-Off

Bitcoin (BTC) plunged to $53,000, marking its lowest point since August 7, while Aave (AAVE) and Near Protocol (NEAR) each fell by more than 4%.

The stock market experienced a similar downturn, with major indices like the Nasdaq 100, Dow Jones, and S&P 500 all falling by over 1%. The tech-heavy Nasdaq 100 and the small-cap-focused Russell 2000 were among the worst performers. Prominent tech stocks, including Tesla, Nvidia, and Broadcom, dropped more than 5%.

On the other hand, Neiro on ETH, a newer meme coin, was the best-performing asset amid the ongoing Black Friday sell-off. The token surged over 100%, reaching a high of $0.176, its strongest point since August 5.

Neiro has climbed more than 538% from its weekly low, giving it a market capitalization of over $147 million. This rally was fueled by its viral popularity on social media, where it became the most shared token on X. Neiro on ETH also received a boost after Binance launched its USD-margined perpetual contracts for the token. According to CoinGlass data, open interest in the token spiked to a record high of $35 million, driven primarily by Bybit activity, with more expected once Binance fully integrates the asset.

Historically, tokens often see heightened activity after being listed on major exchanges like Binance. However, these gains are frequently short-lived, as seen with Pyth Network, which surged following its Binance listing in February only to drop to record lows this month.

A looming risk for Neiro on ETH is Bitcoin’s impending “death cross” pattern, which could trigger further declines. Many altcoins tend to follow Bitcoin’s performance.

That said, a potential catalyst for Neiro and other cryptocurrencies could be the weak U.S. jobs report, which may prompt the Federal Reserve to cut interest rates—a historically bullish signal for crypto.