As a researcher with a background in financial markets and crypto, I find the recent developments surrounding Neiro to be both intriguing and concerning. My personal experience has taught me that the world of memecoins can be unpredictable and often driven by hype rather than fundamentals. However, this instance seems to have taken it to a new level with allegations of insider trading, manipulation, and potential legal issues.
On September 16th, a clash occurred among Ethereum-based meme tokens when Binance, the foremost cryptocurrency exchange, added Neiro for direct trading, propelling the token to unprecedented heights.
Previously announced, Binance added Ethereum’s initial Neiro (NEIRO) token to its platform, which subsequently surged over 700% within a day, marking a significant increase following several weeks of sluggish market performance for this memecoin.
As an analyst, I’m sharing insights about Neiro – a token that revolves around memes related to Akita Neiro, a Shiba Inu rescue dog owned by Atsuko Sato. Notably, within the crypto community, Sato is recognized for her connection to Kabosu, the canine who inspired the massive, multi-billion-dollar meme project, Dogecoin (DOGE).
Following Sato’s announcement of Neiro, numerous tokens with the identical name swamped the cryptocurrency markets on Ethereum (ETH) and Solana (SOL). Among these, two tokens distinguished themselves; they are both based on Ethereum’s blockchain.
The two meme-based cryptocurrencies were introduced around late July, and they quickly drew attention due to the “Dogecoin successor” hype. After its creator went missing, the initial Neiro on Ethereum evolved into a community endeavor, with participants uniting to foster growth naturally.
A memecoin named NEIRO, similar to others, was introduced on Ethereum and swiftly amassed a market capitalization close to $300 million. Notably, influential investors from the Shiba Inu (SHIB) community, along with some ‘whales’, have shown interest in this token. Moreover, it gained traction by being listed on prominent platforms such as Bybit and Binance, which offers perpetual contracts for NEIRO.
Mixed reactions to first Neiro spot listing on Binance
The recent decision made by Binance regarding listings has sparked a significant split within the wider Neiro community. Supporters of Ethereum’s initial Neiro token view this action favorably, considering it beneficial for the community at large.
On the contrary, adherents of the opposite Neiro group asserted underhanded tactics and manipulation. One individual accused Tron’s creator Justin Sun and other key figures of being involved in the coin’s creation. Prior to Binance revealing the spot listing, Sun was observed promoting the memecoin on social media, a practice often referred to as “bullposting” in the crypto world. Bullposting involves a significant player within cryptocurrency, typically a founder or lead developer, advocating for an asset on social platforms, either explicitly or implicitly.
It seems Binance has listed a token with a market cap of 12 million, is this due to Justin Sun having inside connections? 😂
— ☆ 𝔭𝖗𝖎𝖓𝖙 ☆ (@PRINTMYMINT) September 16, 2024
Additionally, it was observed that an unidentified individual had already received the initial NEIRO token at a non-labeled address prior to Binance’s official listing announcement. Currently, this anonymous investor has amassed more than half a million dollars in potential earnings, leading to speculation about access to insider knowledge and early trading advantage.
This individual purchased Neiro approximately 40 minutes prior to the Binance listing announcement and has amassed over half a million dollars in profits within about 6 hours.
— Kakashi (@kkashi_yt) September 16, 2024
Concerns arose among neutral parties about the overall predicament and possible legal implications for Binance. Some users of platform X raised doubts as to whether Binance ought to engage with the unpredictable meme coin market, and if their involvement granted an unfair edge to specific participants.
It seems that the actions taken by Binance regarding Neiro are questionable, don’t you think?
These moves appear reckless
The manipulation has led many to suffer significant losses
From an ethical standpoint, tokens associated with competing projects should be off-limits for major exchanges. Their dominance can skew the market unfairly#crypto
— Blocka (@IamBlocka) September 16, 2024
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2024-09-16 18:08