- The announcement of Binance listing First Neiro on Ethereum (NEIRO) for spot trading triggered a massive 700% price surge, catapulting its market cap from $15 million to $146 million in a day, with trading volumes skyrocketing from $8 million to over $220 million.Binance’s decision to list two different NEIRO tokens, one for futures and another for spot trading, each with distinct contract addresses, has led to community backlash and confusion over which token represents the “true” NEIRO.NEIRO, inspired by Neiro, a Shiba Inu related to the Dogecoin mascot Kabosu, has spawned multiple tokens across blockchains. Despite the community’s enthusiasm, Kabosumama, Neiro’s owner, has explicitly distanced herself from endorsing any NEIRO tokens.
As a seasoned analyst with years of experience navigating the volatile and often confusing world of cryptocurrencies, I must admit that the recent events surrounding Binance’s listing of First Neiro on Ethereum (NEIRO) have left me both intrigued and slightly bewildered. The meteoric rise in its price and trading volumes is a testament to the power of exchange listings and the fervor of the crypto community, but the confusion surrounding the two distinct NEIRO tokens is a reminder of the challenges that still lie ahead for this nascent industry.The announcement of a Binance exchange listing for a token tied to Dogecoin (DOGE) has ignited an impressive 700% surge in its value, marking one of the most substantial price increases following a listing in recent times.
On Monday morning, Binance announced it would make available Neiro on Ethereum (NEIRO), along with two other tokens, through its upcoming spot offering to users later in the day. Notably, Binance already provides Neiro tokens as a futures product, and a subsequent spot listing is a common industry practice.
Interestingly enough, the two NEIRO tokens aren’t identical; they come from distinct contract addresses and are managed independently by separate groups.
In a recent announcement, Binance stated that ‘First Neiro on Ethereum’ (NEIRO) will be listed in the futures market. They provided the contract address 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee for verification purposes.
The statement mentioned refers to a distinct token, not the one listed on NEIROETH Futures in 2024-09-06. The token contract address for verification is: 0xee2a03aa6dacf51c18679c516ad5283d8e7c2637.
Community reactions to Binance’s X post were widely critical of the decision.
@0x_degengod” asked, “Are you planning to list two separate types of Neiro, one for spot trading and another for futures?” To which “@cozypront” responded with excitement, “But how can you list 15 million Neiro if you already have 130 million on futures?
NEIRO token values skyrocketed more than 700% immediately following Binance’s announcement, but later scaled back their gains. The market capitalization soared from a mere $15 million on Sunday to an impressive $146 million. Additionally, trading volumes experienced a significant surge, rising from approximately $8 million in a single day over Saturday to over $220 million in the previous 24 hours.
Over the last 24 hours, trading volumes for NEIROETH futures on Binance have exceeded $1 billion. However, since the early Asian trading hours on Monday, the price of NEIRO has dropped approximately 40%. A significant portion of this decline occurred after Binance announced the listing of the First Neiro token on Ethereum (listed as “NEIRO”) on their platform.
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What is Neiro?
Neiro is a Shiba Inu puppy, belonging to the same individual whose pet dog, Kabosu, served as inspiration for the well-known Dogecoin meme cryptocurrency. Sadly, Kabosu passed away in May at the age of 17. This beloved pet left behind a lasting impact, including a statue and a meme-based crypto token worth an astonishing $18 billion.
Around the end of May, the pet account of Kabosu’s human caretaker, known as Kabosumama, welcomed a ten-year-old Shiba Inu dog named Neiro into their household. They referred to her as their latest addition to the family.
As a crypto investor, I’ve witnessed the birth of numerous NEIRO meme coins across various blockchains like Ethereum and Solana. Over time, two specific NEIROs, one on Ethereum and one on Solana, managed to generate significant trading volumes and spark enough market interest to cultivate active holder communities. Both communities remain adamant that their respective NEIRO is the true, original one.
Kabosumama made it clear by stepping away from all NEIRO tokens and stated back in May that she does not support or advocate for these types of digital assets.
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2024-09-16 16:21