There are more than 20 versions of Neiro tokens, most using Ethereum or Solana. Binance, in a bid to expand its selection of meme tokens, caused confusion with its selection of Neiro versions for its perpetual futures and spot market.
Binance listed an unexpected NEIRO token version in its recent announcement of adding new meme tokens. The new listing immediately spiked the price of the newly listed asset, while crashing Neiro on Ethereum (NEIRO).
Binance drew outsized attention to Neiro on Ethereum, after initially offering derivative perpetual futures based on pricing data from external markets. This set up expectations of listing @NeiroOnEthereum. Instead, Binance announced the listing of First Neiro on Ethereum (community takeover), with the handle @Neiroethcto.
The effect on the market was immediate, as the newly listed version rallied on Uniswap. The now-hot NEIRO/WETH pair pulled off an easy 10X, rallying from $0.000039 to a peak of $0.00039. Before that, the same NEIRO ate another zero on low volumes and risky DEX activity. The Binance mistake, however, triggered more significant activity, with buy orders above $10,000 coming minutes apart.
The newly selected token also increased its holders by around 12%, to 11,386. The number of owners may expand, especially if Binance gives more clarity on its intended listing. In any case, for 10 days the entire crypto market bet on an entirely different NEIRO, possibly building up their bags to sell right after the Binance spot listing.
Neiro on Ethereum loses ground
On the other hand, the originally intended Neiro on Ethereum crashed from around $0.13 to $0.08 just after the listing news. The decentralized Uniswap pair looked just as bad, wiping out 25% of the price within hours. The crash happens just 10 days after Binance received criticism of driving traffic to an asset controlled by insiders and whales.
Most of the recent NEIRO rally hinged on the expectation of a spot market on Binance arriving soon after the perpetual futures product. The listing would mean Neiro on Ethereum would join the small list of meme tokens that made it into a major exchange.
The selection of First Neiro on Ethereum may not be a mistake. The perpetual futures market for NEIROETH/USDT is still active. However, the launching of the pair warned about most of the supply of Neiro on Ethereum being sniped by insiders.
First Neiro on Ethereum (community takeover) is the full name of the copied token, this time with reportedly more fair distribution. However, at the low range, even this new NEIRO version could still be sniped.
The real NEIRO is still uncertain
The battle to decide on the real NEIRO is far from over, while also confusing the community. Binance, in the end, managed to list the so-called ‘cabal coin’ with insider holdings on the futures market, and the community-held, low-liquidity asset on its spot market. The two assets have no connection when it comes to pricing data.
After the Binance announcement, whales are already sniping the token and building up positions. One high-velocity DEX trader sniped nearly 1% of the community-controlled NEIRO supply, becoming a top 10 owner. The NEIRO that Binance singled out started with a market cap of $12M, small enough to be bought up by whales once again. In fact, Binance itself is the biggest whale for this token, holding more than 28% of the total supply.
Despite the consensus that Binance looked out for cabals in a token’s ownership, it is hard to prevent DEX snipers from building positions in the newly approved NEIRO. In fact, the perpetual futures version of Neiro on Ethereum had already become safer and whale-proof due to its higher market capitalization and more than 22K owners.
Currently, the new First Neiro on Ethereum is practically back into price discovery, with high-velocity trading on DEX and new sniping. At the same time, the perpetual futures version will still rely on DEX trading, with no hope of becoming a top meme token.
The hope for NEIRO was to have one go-to token to join the list of top memes, along with ShibaInu, Floki, DogWifHat and top Solana memes. Unfortunately, the asset was among the most widely copied, while also arriving at an already saturated market. Currently, no safe version exists, and all may crash due to competition to select the most liquid NEIRO.
Cryptopolitan reporting by Hristina Vasileva.
Source: https://www.cryptopolitan.com/binance-lists-two-different-neiro-tokens-on-spot-perpetual-futures-market/