- Binance’s move to list another Neiro meme coin has caused confusion across the markets.
- SpotOnChain Discovers 3 Cryptocurrency Wallets That Made Huge Profits on NEIRO
- KuCoin is listing two NEIRO tokens simultaneously due to rapidly increasing demand.
Yesterday, Binance’s surprise listing of Neiro (NEIRO) sent waves of excitement among meme coin traders. Within a day of Binance’s bombshell announcement, NEIRO soared 981%, while its initial listing, Neiro On ETH (NEIRO), plummeted by over 40%.
Did Wintermute get his feet wet with the wrong Nairo?
The roller coaster ride completely flipped the script on two Ethereum (ETH) coins. Small-cap Neiro token surpassed Neiro On ETH in market cap, rising from $16 million to $158 million in less than 24 hours. Neiro On ETH, on the other hand, fell to $75 million, losing $57 million in a single day.
One of the oldest crypto market makers, Wintermute, is caught in the middle of the action. The heavyweight crypto market liquidity provider began actively acquiring Neiro On ETH a week ago, around the same time Binance announced that it would be listing Neiro On ETH on its Perpetual Offering.
However, the sudden drop came right after Binance changed its mind about listing small-cap NEIRO. Wintermute took the opportunity to accumulate more Neiro On ETH tokens and increased his holdings by purchasing an additional 19.11M. As of the time of writing, Wintermute holds a total of 55.36M Neiro On ETH, which is valued at 4.11M, according to blockchain data tracking platform SpotOnChain.
NEIRO A huge winner emerges from the chaos
As the NEIRO meme coin carousel unfolded, SpotOnChain found that three traders made huge profits from NEIRO tokens. In one case, an early buyer of NEIRO made a 45x profit.
In another Ethereum case, a savvy investor used the popular trading bot Banana Gun to buy a bunch of Neiro tokens for 140 Ether in the blink of an eye after Binance announced its decision, making $619,000 in less than 20 hours.
Moreover, the major Ethereum player made a profit of 603% in just four days after selling Neiro On Ethereum tokens worth $1.057 billion from an initial investment of $50,000 for $352,000.
KuCoin doubles: Neiros security listings all
With the successors of the same ticker competing for dominance in the saturated meme market, no ticker has yet been established that is superior in terms of sustainability and longevity. KuCoin, one of the largest centralized exchanges, has decided to list both on its platform.
KuCoin’s moves could help us see which NEIRO tokens are in greater demand on the spot market. Naturally, the current volume is in favor of Neiro On Ethereum, which will be launched on KuCoin under the NEIROCTO ticker symbol.
According to the latest data from CoinGecko, Neiro On Ethereum has recorded a 24-hour volume of $425,465,741 after a stunning 981% gain, more than three times the volume of Neiro On ETH at $130,706,873.
However, the derivatives market is in contrast to what is happening in the spot market. For example, Neiro On ETH (NEIRO) is seeing much greater demand from speculative traders who place positions using leverage. In fact, Neiro On ETH has attracted $1.96 billion in derivatives volume, an increase of 123.69% in activity since yesterday.
For comparison, First Neiro On Ethereum has earned $700 million and surged 1,832.41% in the last 24 hours. Judging by the long to short ratio, leveraged traders are surprisingly more bullish on the listed NEIRO, as long plays have been slightly higher than short placements in the last 24-hour window.
On the other side
- Multiple sources In X They claim that Binance owns a whopping 36% of the First Neiro On Ethereum (NEIRO) supply, making it vulnerable to price manipulation.
- In addition to the two dog-themed tokens in question, there are three more NEIRO coins with the same ticker being tracked by major cryptocurrency price aggregators.
Why this matters
Listing a new cryptocurrency on a major exchange expands trading opportunities and accessibility for investors, but it also brings additional challenges, such as confusion caused by similar token images.
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