cryptopolitan.com
Neiro on Ethereum (NEIRO) broke out and returned above $0.09 after a 50% daily rally. The token, a competitor of the community-owned version, was lagging behind as traders tried to gauge which token had the bigger influence.
Neiro on Ethereum still has an active perpetual futures market on Binance and is closely watched as a relatively liquid and established meme token. The token has now accrued more holders even compared to the community-owned version and is held in 21,336 wallets.
NEIRO is still far from its peak of $0.25, achieved due to expectations of a listing on the Binance spot market. The asset easily overtook the $0.08 level and overcame the $0.09 range, growing activity to $65M in the past 24 hours.
Market makers boost NEIRO performance
One of the key boosts for the token is the involvement of Wintermute. The market maker also owns the second-biggest wallet of NEIRO, holding 4.35% of the supply. Wintermute became active in a wallet cluster, linked to Bybit and Gate.IO, the two most active assets for NEIRO. The asset still awaits additional listings to potentially establish itself as a leading token.
Wintermute is not the only market maker to boost the token. Other market makers joined the meme token in the past few days, just before the latest price pump on October 11.
The list of market makers includes GSR Markets and Auros Global. In addition to the organized market makers, NEIRO benefitted from the involvement of old whales and new large-scale buyers. The token turned hot as meme coins had another overall rally, with the market getting close to a $50B valuation.
The token also lined up among top performers, which are all doge-themed tokens: SHIB, FLOKI, and WIF.
The asset is competing with the success of POPCAT and PEPE, but a rollover may happen soon. Meme tokens regained attention after renewed talk of a super cycle. Competition between versions is also redirecting liquidity flows, as bots are pointed toward all NEIRO or adjacent tickers.
NEIRO wins the battle after cabal coin accusations
The Ethereum version suffered from accusations of being a cabal coin. Currently, the asset is reevaluated for its growth potential, due to being a high-profile version of the meme, but also considered undervalued. The NEIRO version also trades in a perpetual futures market on Binance and still holds up hopes of an eventual spot listing.
The community-owned version, however, was also illiquid and easy to snipe. Even with a Binance listing, the CTO version still invited skeptics and showed signs of insider trading.
The biggest blow against the community-owned version was its market maker, Gotbit. Initially seen as a legitimate liquidity provider, Gotbit was accused of market manipulation along with four other market makers. The CEO of Gotbit, Aleksei Andriunin, was arrested in Portugal on October 8 and awaits extradition.
The community-owned version has nothing to do with Gotbit or its decision-making, but the asset started to slide due to reputational damage. The asset has not been mentioned in the wash trading accusations, but the community and Binance supporters noticed the connection and demanded explanations.
Binance itself came up with a message about meme tokens, mentioning the danger of sniping the supply and forming insider cabals.
The token is now undergoing a transformation and fighting to retain value. The former X handle, @neiroethcto is now just @neiro, winning the battle on social media for the simplest, most recognizable ticker.
The community version is more volatile, recently dipping from $0.0019 to $0.0015. The token is also expanding based on general meme hype. In the past week, this version of NEIRO broke out from $0.0009 to $0.0019.
The token also sees less active decentralized trading, especially after the removal of Gotbit as a market maker. The asset is now mostly supported by activity on Binance and other types of market makers or speculative traders.
The next target for the community-owned version is to go above $1B in valuation, lining up among top meme tokens. As of October 11, NEIRO (community-owned) had a market cap of $750M.
The competing version of NEIRO is valued at only $85M, setting expectations for more active growth in the case of additional listings. The token is also easier to sway due to its still-lower liquidity and smaller trading volumes.