- Binance’s move to list another Neiro meme coin causes havoc across markets.
- Three crypto wallets noticed by SpotOnChain capitalize big gains on NEIRO.
- KuCoin lists both NEIRO tokens simultaneously on rapidly rising demand.
Yesterday, Binance’s surprise listing of Neiro (NEIRO) set off a wave of excitement among meme coin traders. A day after Binance dropped this bombshell, NEIRO skyrocketed by 981%, while the initially-listed Neiro On ETH (also NEIRO) tumbled over 40%.
Wintermute Dips Its Toes in the Wrong Neiro?
The rollercoaster ride has completely flipped the script for both canine coins on Ethereum (ETH), as the smaller-cap Neiro token has surpassed Neiro On ETH by market cap, going from just $16 million to $158 million in less than 24 hours. In contrast, Neiro On ETH skidded to $75 million, dropping $57 million in a day.
Wintermute, one of the most established crypto market makers, has been caught up in the middle of the action. The heavyweight crypto market liquidity provider started actively acquiring Neiro On ETH a week ago, around the same time Binance announced the listing of Neiro On ETH on their Perpetual offerings.
However, a sudden dip came right after Binance’s change of heart to list the smaller-cap NEIRO. Wintermute took the chance to collect more Neiro On ETH tokens and bought an extra 19.11M to top up their holdings. As of press time, Wintermute holds a total of 55.36M Neiro On ETH, worth $4.11 million, according to blockchain data tracking platform SpotOnChain.
Huge Winners Emerge Amidst The NEIRO Chaos
As the NEIRO meme coin carousel unfolds, three traders have been spotted by SpotOnChain to have made juicy returns from the NEIRO token. In one instance, an early buyer of NEIRO banked a 45x gain.
In another example on Ethereum, one smart money investor made $619K in less than 20 hours by using Banana Gun, a popular trading bot, to snipe a bunch of Neiro tokens for 140 Ether in the blink of an eye since Binance announced its decision.
Furthermore, an Ethereum major player capitalized a 603% gain four days after they sold off their 1.057B Neiro On Ethereum tokens for $352K from an initial investment of $50K.
KuCoin Doubles Up: Both Neiros Secure Listings
As the Kabosu successors of the same ticker fight for dominance in the saturated meme market, the superior one in sustainability and longevity is yet to be established. KuCoin, one of the largest centralized exchanges, has decided to list both on its platform.
KuCoin’s move can assist in establishing which NEIRO token has more demand on Spot markets. Naturally, the current trading volumes favor Neiro On Ethereum, which is set to go live on KuCoin with the NEIROCTO ticker symbol.
Fetching a 24-hour trading volume of $425,465,741 after the remarkable 981% upswing, Neiro On Ethereum tops Neiro On ETH trading volume over three times, as it fetched $130,706,873, according to the latest CoinGecko data.
However, the Derivatives market serves to contrast the ongoing situation on Spot. To illustrate, Neiro On ETH (NEIRO) is receiving a much greater demand from speculative traders who are using leverage to place their positions. Indeed, Neiro On ETH whipped up a $1.96B in Derivatives trading volume, witnessing a 123.69% increase in activity since yesterday.
To compare, First Neiro On Ethereum banked $700 million, recording a spike of 1832,41% over the past 24 hours. Judging by the long versus short ratio, leveraged traders are more optimistic towards the surprisingly listed NEIRO, as the long plays slightly outweighed the short placements in the latest 24-hour window.
On the Flipside
- Several sources on X claim that Binance owns a whopping 36% of all First Neiro On Ethereum (NEIRO) supply, potentially making it prone to price manipulation.
- Aside from the two dog-themed tokens in question, there are three more NEIRO coins with the same ticker being tracked by major crypto price aggregators.
Why This Matters
Listing new cryptocurrencies on major exchanges broadens the trading opportunities and accessibility for investors but also imposes additional challenges, including confusion of tokens due to similar imagery.
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