- Binance’s recent decision to list a token related to Dogecoin (DOGE) has sparked a significant price rally.
- Today, Binance announced that it will list First Neiro (NEIRO), a token running on Ethereum, for spot trading.
- This listing has led to a notable surge, although the crypto community expressed concerns due to the existence of two different NEIRO tokens managed by separate teams and contracts.
Discover the latest developments in the crypto world as Binance’s listing of a DOGE-related token triggers a major price surge, sparking both excitement and controversy.
Binance Lists First Neiro (NEIRO) Token, Causing a Massive Price Surge
Binance, the world’s largest cryptocurrency exchange, has announced the listing of First Neiro (NEIRO) token, built on Ethereum, for spot trading. The decision comes as the token was already available for futures trading on the platform. Following this announcement, NEIRO experienced a remarkable 700% price rally.
Community Reactions and Concerns Over Dual NEIRO Tokens
However, the listing hasn’t been without its controversies. The cryptocurrency community was quick to point out that there are two distinct NEIRO tokens associated with different smart contract addresses and teams. Binance clarified that the NEIROETH token used in futures trading has a separate contract address. This clarification led to a wave of criticism, with users questioning the rationale behind listing two different NEIRO tokens simultaneously.
Impact on NEIRO’s Market Value and Trading Volume
The market sentiment around NEIRO shifted dramatically post-announcement. The token’s market capitalization skyrocketed from $15 million to $146 million, while trading volumes soared from $8 million to $220 million. Despite the futures trading for NEIROETH witnessing approximately $1 billion in trading volume over the past 24 hours, its price saw a 40% decline, reflecting heightened volatility and investor caution.
The Backstory of First Neiro and Its Connection to Dogecoin
First Neiro, inspired by the same Shiba Inu dog named Kabosu that made Dogecoin (DOGE) famous, adds another layer of intrigue to its story. Kabosu garnered widespread attention as the face of the meme coin, but passed away in May 2023 at the age of 17. The sentimental value attached to Kabosu continues to resonate within the crypto community, adding an emotional dimension to NEIRO’s growing popularity.
Conclusion
The listing of First Neiro on Binance has underscored the dynamic and sometimes contentious nature of the cryptocurrency market. With its rapid price increase and the community’s mixed reactions, NEIRO highlights the potential for significant gains as well as the inherent risks involved. Investors are advised to stay informed and cautious as the market evolves.
