September 19, 2024

First Neiro on Ethereum, Related to Dogecoin, Rockets 700% on Binance Spot Listing thumbnail
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First Neiro on Ethereum, Related to Dogecoin, Rockets 700% on Binance Spot Listing

by coindesk com01

“Binance already offers NEIRO tokens as a futures product. But the surprise spot listing of a different NEIRO has fuelled a rocket rally.”, — write: www.coindesk.com

  • 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.
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.

NEIROETH plunged 40%. (Binance)NEIROETH plunged 40%. (Binance)
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.

Edited by Parikshit Mishra.

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Shaurya Malwa
Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter

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