The price of First Neiro on Ethereum (NEIRO) surged to a record high of $0.0025 during early Friday trading. Although it has since retraced, the meme coin still shows potential for further gains.

A combined analysis of NEIRO’s technical indicators and on-chain data suggests that investors might anticipate additional growth. BeInCrypto highlights that the altcoin’s current setup could pave the way for higher price targets in the near term.

First Neiro on Ethereum Bulls Take Charge 

NEIRO’s whales or large holders have displayed confidence in its sustained growth by increasing their holdings over the past week. IntoTheBlock’s data has revealed a 266% uptick in the meme coin’s large holders’ netflow in the past seven days.

Large holders, defined as those controlling over 0.1% of an asset’s circulating supply, significantly influence market dynamics. The netflow of these investors tracks the difference between the amount they buy and sell over a given period.

A rising netflow indicates that whale addresses are accumulating more of the asset, signaling increased buying pressure. This accumulation trend is considered bullish, suggesting a potential price surge as demand outpaces supply.

Read more: What Are Meme Coins?

Further, NEIRO’s positive funding rate, which stands at 0.0075% as of this writing, reflects the bullish bias that the meme coin currently enjoys.

The funding rate is a mechanism used in perpetual futures contracts to maintain the contract’s price close to the spot price of the underlying asset. When it is positive, it indicates a high demand for long positions, as more traders are willing to bet on the asset’s price rising. 

During a price rally, as in NEIRO’s case, a positive funding rate suggests that market sentiment is bullish, with traders largely expecting the price to continue climbing. 

NEIRO Price Prediction: Profit-Taking Has To Stop

NEIRO is currently trading at $0.0023. Should the recent sell-off ease and renewed demand for the meme coin emerge, it could reclaim its all-time high of $0.0025 and potentially rally past it. 

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

However, ongoing profit-taking may push the token’s price further from this peak. Increased selling pressure could potentially make NEIRO’s all-time high unachievable in the near term. This could drive it down toward the support level, which would be formed at $0.0012.

The California Department of Financial Protection and Innovation (DFPI) has fully revoked the license of the bankrupt crypto lender BlockFi nearly two years after the company declared bankruptcy.

This decision comes as the final step in an investigation that began with the DFPI’s suspension of BlockFi’s operations in November 2022.

California DFPI Revokes BlockFi’s License

As part of a settlement, BlockFi agreed to give up its license, halt its unlawful practices, and stop engaging in activities deemed unsafe. This arrangement formally ends BlockFi’s presence in California’s lending sector, reinforcing the DFPI’s focus on safeguarding consumer interests.

The DFPI determined that BlockFi broke state financial regulations by neglecting to evaluate borrowers’ capacity to repay their loans and charging interest before actually providing loan funds. Moreover, BlockFi did not offer essential credit counseling to borrowers and failed to report payment histories to credit agencies.

“While we encourage innovation in our financial marketplace, companies must comply with laws and protect consumers in accordance with those laws to continue doing business in California,” DFPI Commissioner Clothilde V. Hewlett said.

Regulators also found that BlockFi inaccurately presented loan interest rates in its documents. As a consequence, the DFPI initially issued a $175,000 penalty for violations but later waived it, prioritizing consumer reimbursement due to BlockFi’s bankruptcy status.

BlockFi’s financial troubles had intensified since November 2022, following the downfall of Sam Bankman-Fried’s FTX, with which it had deep financial connections. Earlier that year, in July, BlockFi had extended a $400 million credit line to FTX US and held an additional $275 million loan with the exchange. This relationship positioned FTX as one of BlockFi’s largest unsecured creditors, putting further strain on BlockFi after FTX’s collapse.

In March 2024, BlockFi reached an $875 million settlement with the estates of FTX and Alameda Research. By July, the company had started distributing initial payouts to its creditors, facilitated through Coinbase. As of April 2023, BlockFi’s estimated liabilities ranged between $10 billion and involved more than 100,000 creditors.