- With Wintermute joining, Neiro On ETH saw a 400% gain in just one week.
- Market Makers Buy $2.37 Million Worth of Meme Coins Upon Binance Listing
- Despite the surge in trading volume, analysts have found red flags in NEIRO’s token economics.
Wintermute, a leading trading firm focused on building liquid markets in the digital asset space, has stepped forward to create a market for Neiro On ETH (NEIRO). The new dog coin on Ethereum (ETH) is inspired by the real-life dog Neiro, who serves as the successor to the late great Kabosu.
Cabos’s successor is in the spotlight
NEIRO has fallen 42.3% since its all-time high of $0.2933 on August 7, 2024. However, Kabosu’s successor appears to be here to stay. Major crypto market maker Wintermute has been spotted buying NEIRO, most likely to build liquidity.
When Binance announced that it would list Neiro on its perpetual trading service, Wintermute purchased 12.16 million NEIRO tokens, bringing his total holdings to 15.88 million. At $2.66 million at the time of writing, the acquisition of NEIRO by one of the oldest cryptocurrency market makers confirms that there is demand for NEIRO in the futures market.
NEIRO Trading Volume Nears $1 Billion as Futures Trading Debuts
Taking a closer look at Wintermute’s cryptocurrency holdings, Dailycoin We found that Neiro is the second largest meme asset in the wallet. Wintermute also holds 4M PEPECOIN, a fake version of PEPE, which is currently in the top 30 cryptocurrencies by global market cap.
When Neiro launched its derivatives market and recorded a significant trading volume of $1.38 billion, several crypto traders on X noticed that Binance was taking the lion’s share of Neiro’s trading volume.
“Something is sprouting behind the scenes. A Binance Spot listing is coming.” Altcoin analyst Speero.SOL concluded in a tweet on September 10: A day after this statement, Binance is still leading the futures market with $635 million in volume, while Bybit is in second place with $335.3 million.
According to CoinGlass, over $1 million worth of liquidations were experienced by both longs and short sellers over a 24-hour period, for a total of $2.26 million liquidated over the 24-hour period.
On the other side
- Some cryptocurrency industry insiders have raised doubts about Niro’s token economics, raising suspicions that it is susceptible to price manipulation.
- According to blockchain intelligence firm Bubblemaps, as of early August 2024, 78% of Neiro tokens were found to be held by insiders.
Why this matters
The success of meme currencies in Q1 2024 changed the overall market dynamics, increasing demand for more speculative assets than Bitcoin or leading altcoins.
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