Binance announced a new futures product tied to Ethereum-based Neiro (NEIRO) tokens. The leveraged futures market will start despite risk from wallet clusters and organized sellers.
Ethereum-based Neiro (NEIROETH) is winning another battle against its cohort of doge-themed tokens. The asset will now gain a Binance market, after relying on DEX for its initial price discovery. Binance will not yet carry a NEIRO spot market, instead relying on external price data based on low-liquidity pairs. The new product will be able to bet on the NEIRO price fluctuations in the riskiest way possible. The team behind the newly listed futures product is active on X and going under the handle of @NeiroOnEthereum, not to be confused with other teams and tokens.
Binance announced it will bring a perpetual contract for the NEIROETH/USDT pairing, with up to 75X leverage. The risky product will not be available to all regions and traders, subject to Binance’s usual limitations. The contract already started trading, achieving more than 37M in USDT volumes just hours after launch.
The announcement of a Neiro futures market arrives soon after OKX announced it would create three new meme token trading pairs, including a similar NEIRO/USDT product. OKX will offer only 20X for NEIROETH. The new BRETT/USDT market will have a maximum 50X leverage. Simon’s Cat (CAT) will trade in another new pair with a maximum 20X leverage.
The OKX product will gain its price data from a weighted index of smaller exchanges. Spot markets for NEIROETH exist on Bybit, MEXC, Gate.IO, BitMart and KuCoin. The asset is still extremely volatile and risky to trade, as it went through insider trading soon after its launch.
Whales buy up tokens as versions of NEIRO are still battling
NEIROETH on Ethereum relies on a mix of Uniswap pairs, as well as a list of mid-range exchanges. NEIRO/WETH on Uniswap V2 rallied from $0.00002 to $0.00006.
The start of futures trading immediately led to a spike in prices for both the original token and similar copycats. The NEIRO/WETH pair for the biggest competitive asset moved up with growing volumes, rallying from $0.07 to $0.15.
At this price range, some of the wallets communicating with exchange contracts started to expand their holdings. The wallets originate both buying and selling for NEIRO, with a potential artificial effect on the market price.
The most widely held version of NEIRO also saw its biggest whale position to date. A buyer spent $3M to buy 17.5M NEIRO, becoming the biggest individual holder. The same address started to build up NEIRO positions since August 27, after the token crashed on initial selling. The renewed whale buying happens just a day after another high-level DEX trader stacked NEIRO in expectation of a rally.
The most recent price action for NEIRO on ETH came after insiders sold up to $9M through Uniswap trading. To make matters worse, the team had their X account, @neiro_ethereum, recently suspended.
Whale activity recalls the initial price action of the Solana version of NEIRO, a separate asset. One of the insider wallets used 3 SOL to trade the new meme token, turning it into 15,508 SOL.
About a month ago, the NEIROETH team decided to do a publicity stunt, sending more than 17M newly minted tokens to the wallet of Vitalik Buterin. In his usual manner when targeted by new coins, Buterin immediately sold for 32 ETH.
As of September 6, there are 31 listed NEIRO tickers, spread to Ethereum, Solana, Base, and Binance Smart Chain. All have different liquidity conditions, and almost all have seen attempts to rug pull and buy again at a lower price. Multiple NEIRO versions are trending after the opening of the new markets.
The listing of derivatives may answer the question of which one is the real Neiro, at least when it comes to liquidity and speculation.
NEIRO will now have to compete with Simon’s Cat (CAT), which has traded for just 19 days. CAT has not yet crashed or had a rug pull, instead trading near its higher range at $0.0000229.
Cryptopolitan reporting by Hristina Vasileva
Source: https://www.cryptopolitan.com/binance-carries-leveraged-futures-for-neiro-neiroeth-despite-insider-risk/