- Neiro On ETH whips up 400% gains in a week as Wintermute jumps in.
- The market maker buys $2.37M of the meme coin upon Binance listing.
- Analysts spot red flags in NEIRO’s tokenomics despite thriving volume.
Wintermute, a leading trading firm focused on building liquid markets in the digital asset realm, has taken it upon itself to create a market for Neiro On ETH (NEIRO). The newly emerged canine coin on Ethereum (ETH) takes inspiration from Neiro, a real-life dog who is serving as the successor to the late and great Kabosu.
Kabosu’s Successor Takes the Limelight
NEIRO reached its current all-time peak on August 7, 2024, at $0.2933 and has since retraced 42.3%. However, it appears that Kabosu’s successor is here to stay. Wintermute, a leading crypto market maker, has been spotted purchasing NEIRO, which is most likely to build liquidity.
As Binance announced the listing of Neiro on the platform’s perpetual trading service, Wintermute bought 12.16M NEIRO tokens, bringing the total number of shares owned to 15.88M. Converting to $2.66 million as of press time, this acquisition by one of the most established crypto market makers confirms the demand for NEIRO on Futures.
NEIRO Volume Nears $1B on Futures Debut
Digging deeper into Wintermute’s crypto holdings, DailyCoin found that Neiro is the wallet’s second-largest meme asset. Wintermute also holds 4M PEPECOIN, a knock-off version of PEPE currently in crypto’s TOP 30 by global market capitalization.
As Neiro’s kick-off on the Derivatives market started with a substantial trading volume of $1.38 billion, several crypto traders on X noticed that Binance had taken up the lion’s share of Neiro’s trading volume.
“Something is brewing up behind the scenes. Binance Spot Listing Coming up,” concludes altcoin analyst Speero.SOL in a tweet on September 10. A day after this remark, Binance still leads the Futures market with a $635 million volume, while Bybit comes in second place with a volume of $335.30 million.
Measured by 24-hour liquidations, both long position holders and short-sellers have succumbed to over $1 million in liquidations, totaling $2.26 million in 24 hours, according to CoinGlass.
On the Flipside
- Several crypto industry figures have drawn attention to their suspicions about Neiro’s tokenomics, allegedly prone to price manipulation.
- According to Bubblemaps, a blockchain intelligence firm, at the beginning of August 2024, 78% of Neiro’s tokens were identified as held by insiders.
Why This Matters
The success of meme currencies in Q1 of 2024 has altered the broader market dynamics, as the demand has shifted towards more speculative assets than Bitcoin or flagship altcoins.
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