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.
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.