In summary
- One of the many Neiro-themed tokens has broken into the top 15 meme coins by market cap, jumping from $15 million to $352 million in two days following its listing for spot trading on Binance.
- Binance co-founder Yi Hi explained that other tokens failed a “compliance and token concentration review.”
- Neiro CTO, a token on Ethereum, soared over 2,270% in market cap in 48 hours following its listing for spot trading on Binance.
One of the many Neiro-themed tokens has broken into the top 15 meme coins by market cap, as it jumped from $15 million to $352 million in the two days following its listing for spot trading on Binance.
Yi Hi, co-founder of the exchange, explained in a blog post that the other tokens failed a “compliance and token concentration review.”
Neiro is the name of a newly adopted Shiba-Inu by the owner of Kabosu, the pet whose meme-turned-photo inspired the creation of Dogecoin. The dog passed away earlier this year. And as soon as the new dog was revealed by its owner, a multi-Blockchain civil war broke out with two Solana memecoins fighting for liquidity. As the weeks went by, a token on Ethereum established itself as the leader of the pack by breaking into the top 25 memecoins after being listed by Binance for futures trading.
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Now, a week later, a second Neiro token has been listed on Binance—this time for spot trading. It’s not one of the Solana tokens, which were first created in honor of Neiro, but rather a second coin on Ethereum that has been slowly growing in the background. It’s commonly referred to as the Neiro CTO—short for community takeover.
The key difference here is that Neiro on ETH was listed as a futures contract, meaning the trader must buy or sell the asset at a specific time, quantity, and price. Whereas Neiro CTO was listed for spot trading. Spot trading is much more flexible, allowing the trader to buy and sell as they see fit relative to the current price of the token.
The listing has resulted in Neiro CTO skyrocketing over 2,270% from a market cap of under $15 million to over $352 million in just over 48 hours. Many were confused why Binance would choose to list this relatively low market cap Neiro for spot trading instead of the Neiro token on ETH, which was already over $80 million.
“We have listed several meme projects with relatively decentralized tokens and low market cap,” said Binance co-founder Yi Hi in a blog post explaining why they listed Neiro CTO, “There were more than ten projects selected in the early stage, and many of them failed due to compliance review and token concentration.”
On-chain analytics firm Bubblemaps told Decrypt that it believes these referenced tokens include both Solana tokens, explaining why Neiro on ETH was only listed as a futures contract.
Bubblemaps had previously issued a warning against Neiro on ETH, saying that 78% of the supply was bought up quickly at the start. This increases the chances that the token could be pulled by insiders. This level of token concentration, according to Bubblemaps, likely explains why Neiro on ETH was only listed as a futures contract.
Edited by Stacy Elliott.
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