Neiro’s Binance listing sparks heated online disputes

Ethereum memecoins collided after the cryptocurrency industry’s largest exchange, Binance, listed Neiro for spot trading on September 16, sending the token reaching new highs.

As previously reported, Binance listed Ethereum’s first Neiro (NEIRO) token, with the memecoin surging more than 700% in less than 24 hours after weeks of weak price action.

Neiro is a dog-themed meme token centered on Akita Neiro, a Shiba Inu rescue dog adopted by Atsuko Sato. Sato is infamous in crypto circles for owning the late dog Kabosu, who inspired the multi-billion dollar meme project Dogecoin (DOGE).

After Sato announced Neiro, a wave of tokens bearing the same name flooded the crypto markets on Ethereum (ETH) and Solana (SOL). Two tokens stood out from the rest; both live on Ethereum’s blockchain.

Both memecoins launched in late July and gained traction based on the “next Dogecoin” narrative. After its developer disappeared, the first Neiro on Ethereum became a community project where members came together to organically kick-start progress.

Another similar token launched on Ethereum, with the participation of whales and prominent figures from the Shiba Inu (SHIB) community, its market cap quickly reached around $300 million. This NEIRO memecoin secured exchange listings on platforms such as Bybit and Binance’s perpetual contracts.

Mixed reactions to first Neiro spot listing on Binance

Binance’s recent listing decision has bridged a divide within the broader Neiro community, with holders of Ethereum’s first Neiro tokens praising the move as healthy for the community.

However, other members of the Neiro faction have alleged foul play and manipulation. One user claimed that Tron founder Justin Sun and other insiders were behind the development. Sun was seen “bull-posting” the memecoin before Binance announced its spot listing. Bull-posting is when a crypto influencer, usually a founder or senior developer, directly or indirectly promotes an asset on social media.

Observers also noted that an unlabeled address had accumulated the first NEIRO tokens prior to Binance’s listing announcement. At press time, the unknown investor was boasting over $500,000 in unrealized profits, raising questions about insider trading and front-running.

Neutrals have expressed concerns about the entire situation and the potential legal ramifications for Binance, with several X users questioning whether the crypto exchange should be involved in the volatile memecoin market and whether its involvement creates an unfair advantage for certain players.

Of course what @binance finished $neiro Is it illegal?

Crazy moves

Manipulation has caused many people to suffer heavy losses

Ethical tokens with multiple competing projects should be avoided by major exchanges. They have too much influence to create a fair market#crypto

— Blocka (@IamBlocka) September 16, 2024