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BlockNews
Home CRYPTO

Ethereum Memecoin NEIRO Sees 10x After its Binance Listing Announcement

Michael Juanico by Michael Juanico
September 16, 2024
in CRYPTO
Reading Time: 4 mins read
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  • 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.

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.

Ethereum memecoin $NEIRO (@neiroethcto) has pumped 10x in under 24 hours due to its Binance listing announcement pic.twitter.com/6WJBhgxu7Z

— BlockNews.com (@blocknewsdotcom) September 16, 2024

Binance Lists Two Different NEIRO Tokens

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.

Multiple NEIRO Tokens Across Blockchains

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.

Spot Listing Fuels Price Surge

A Binance spot listing of a token related to dogecoin (DOGE) has fueled a 700% rally in its prices, one of the biggest jumps on a listing in recent months.

Binance said early Monday it would offer First Neiro on Ethereum (NEIRO), and two other tokens, as part of its spot offering to users later in the day. The influential exchange already offers Neiro tokens as a futures product – and a subsequent spot listing is an industry practice.

The twist, however, is that the two NEIRO tokens have different contract addresses and are maintained by different teams.

“This Futures listing is for ‘First Neiro On Ethereum’ (NEIRO) with the contract address here for verification: 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee,” Binance said in an announcement.

“This is a different token from the NEIROETH Futures listing dated 2024-09-06 (a different token contract address for verification here: 0xee2a03aa6dacf51c18679c516ad5283d8e7c2637),” it said.

Community reactions to Binance’s X post were widely critical of the decision.

“You’re listing two different Neiro on spot and futures?” wrote @0x_degengod. “How are you gonna list the 15M Neiro when you already have the 130M on futures,” exclaimed @cozypront.

NEIRO tokens jumped over 700% instantly after the Binance announcement, before paring gains, zooming from a market capitalization of $146 million from Sunday’s $15 million. Trading volumes jumped from $8 million in a 24-hour-period over Saturday to Sunday, to over $220 million in the past 24 hours.

Binance data shows that the existing futures of the NEIROETH token has bagged nearly $1 billion in trading volumes in the past 24 hours. Its prices are down 40% since early Asian trading hours Monday, with most losses coming after Binance decided to list the First Neiro on Ethereum token (listed under only “NEIRO”) on its platform.

What is Neiro?

Neiro is a Shiba Inu pup owned by the same person whose pet dog Kabosu inspired the popular dogecoin memecoin. Kabosu passed away in May at the age of 17, leaving a legacy that includes a statue and a memecoin worth $18 billion.

In late May Kabosumama, the X account of Kabosu’s human owner, adopted a ten-year-old Shiba Inu dog named Neiro and called her a “new family member.”

That birthed hundreds of NEIRO memecoins on Ethereum, Solana and other blockchains at the time. Eventually, two NEIROs – one on Ethereum and one on Solana – attracted enough trading volumes and market interest to form an active holders community. Both communities still consider their NEIRO is be the actual, original one.

Kabosumama, on her part, has distanced herself from all NEIRO tokens and said in May that she does not endorse any such tokens.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BinanceethereumNeiroShiba InuSolana
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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