- Two Ethereum-based NEIRO dogs fight for dominance on Binance.
- Similar to PEPE, the newly listed meme coin is capped at 420.69T.
- The newly-listed NEIRO jumps in triple digits and the other one crashes.
The meme coin bonanza on Binance took an unexpected turn on September 16, 2024. The largest crypto exchange by trading volume picked up NEIRO, a meme coin with just a $16 million market cap, to enter its Spot listings with a Seed Tag applied.
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A seed Tag magnifies NEIRO’s price volatility, reserving the right to reverse Neiro’s Spot listing. This is the second meme coin named after Kabosu Mama’s new Shiba Inu rescue dog, as Neiro On ETH (NEIRO) is listed on Perpetuals with the same ticker.
This remarkably boosted the small market-cap community-owned Neiro, which operates on Ethereum (ETH) just like its predecessor. Neiro skyrocketed by 611% in 24 hours, claiming the daily top gainer’s spot in the broader markets. NEIRO hit a new all-time peak of $0.0003447 around noon on September 16.
Both NEIRO Tokens Trend, But Only One Wins
As many crypto enthusiasts on X are amused by Binance listing the so-called OG Neiro token, Neiro On ETH took a huge market value hit by over 40% over the past 24 hours. As a result, NEIRO flipped Neiro On ETH by global market cap, going from $16 million to $150 million in less than 24 hours.
Neiro On ETH currently sports a market cap of $87,352,365, losing nearly $60 million since 9 AM, when Binance announced the listing of the rival token. Meanwhile, the new NEIRO fetched a $129,644,062 market cap. Popular crypto analyst Noodles declared this a “huge win for the community.” The move can be regarded as distancing from venture capital-funded meme coins to community projects.
Neiro takes inspiration from Pepe (PEPE), with an identical total supply capped at 420,690,000,000. In contrast, Neiro On ETH is much more scarce, with just 1 billion minted tokens.
On the Flipside
- In addition to listing Neiro on Spot, Binance announced the removal of Neiro On ETH on Margin trading, which will kick in on September 17, 2024, at 8 AM UTC.
- The delisting move of NEIROETH/USDT on Isolated & Cross Margin comes after $2.86 million in long position liquidations on NEIROETH on Derivatives.
Why This Matters
Meme coins have witnessed a rapid surge in popularity this year, shifting the broader market dynamics. Success highly depends on the community’s strength, which creates demand for the digital currency on major platforms.
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