Author: TechFlow
The Ethereum mainnet’s on-chain market has been quite lively recently. New application-based coins have only been hyped for a few days, and the two-month-long dispute over the uppercase and lowercase names of Neiro has seen new developments.
Yesterday, two major exchanges successively launched $NEIRO contract transactions. As soon as the news came out, $NEIRO began to rise all the way, with the highest intraday increase of 200%, and the increase from this week's price low was close to 800%. That is, before the news came out and without any news, $NEIRO first experienced a 60%-70% drop, and then rose 300% in three days. The price changes with obvious traces of artificial manipulation also further confirmed the market's view that $NEIRO was manipulated by a conspiracy group.
Of course, it’s not just the uppercase $NEIRO that’s busy. The lowercase $Neiro, which has always been regarded as representing the community spirit, also plummeted after the news about the uppercase $NEIRO came out. The price was halved within 20 minutes. When the market value of the uppercase $NEIRO was sprinting towards $200M, the lowercase $Neiro had already fallen to around $9M.
Coincidentally, I just summarized an inventory of mainnet hot spots MEME yesterday, and the article also briefly mentioned that the Neiro capitalization dispute was one of the hot spots this week. At that time, the article was still saying that the winner had not yet been determined, and just as the voice fell, I saw the news of the contract on Binance...
Related reading: ETH is disappointing but the on-chain meme is active? An article to review the hot projects this week
CTO VS Cable, Neiro capitalization dispute
I remember when Neiro first became a hot topic, the first to react was the Solana chain with the fastest PVP speed. A disk with the same name immediately appeared on Pump.Fun, and the dispute over uppercase and lowercase letters also broke out on Solana at the beginning. The deployment time of the two Neiros on the ETH mainnet was even half a beat slower.
But everyone knows what happened later. Solana PvP was really serious, liquidity came and went quickly, and Neiro's popularity began to shift to the ETH mainnet, where player retention was longer-lasting.
At that time, the news of the rise and fall of uppercase and lowercase Neiro filled the information flow of various on-chain alerts and data analysis. But as time went on, the trends of uppercase and lowercase Neiro began to gradually diverge.
Since its launch, $NEIRO has been following the conspiracy group’s script and has been pumping up the market. A week after its launch, on July 31, @bubblemaps tweeted that $NEIRO used 80 addresses to control 78% of the token supply, and the subsequent distribution method was quite professional and meticulous, making it a veritable conspiracy group.
After the inside story was exposed, the price of capital was cut in half. But ironically, the decline lasted less than half a day, and the price of capital rose by 300% in the next ten days. It seems that the identity of the "conspiracy group" is not so much a revelation as a positive.
It was not until the internal addresses started to ship goods that the capitalized $NEIRO began to plummet.
The trend of lowercase $Neiro appears to be more "community-oriented".
At the beginning of the launch, the marketing team tried to learn from $SHIB’s original method of directly giving Vitalik coins to promote the token, but the effect was only so-so. Vitalik later sold all the 4% supply given to him by the team. During this period, the price of lowercase $Neiro went up and down and was not clear enough.
It was not until a large number of ground-based (community) elements were involved, and there was a lot of support for lowercase $Neiro on the push, that the price slowly started to rise, with an increase of "40 times in 3 days". The price increase is indeed a testament to the gradual building of the lowercase $Neiro community.
Different Voices
As the community confidence in lowercase $Neiro gradually gathered, and the uppercase $NEIRO continued to decline, this battle between big and small seemed to have come to an end, but the exchange suddenly made an unreasonable move and everyone was at a loss.
Before, the conspiracy group VS the community was still a bit abstract, but yesterday's wave of "big ups and small downs" was a naked display of the reality of the conspiracy group crushing the community in front of the entire market.
The Chinese and foreign communities were in an uproar, but different voices also emerged during the discussion.
Viewpoint 1: The exchange directly supports the conspiracy group. Where is the spirit of encryption? Pah!
The main voice must be a condemnation, and the criticism and scolding of the exchange is directly flooding the screen: the essence of the uppercase and lowercase dispute is the "confrontation between the community and the conspiracy group". Seeing that the confrontation has been very effective, your exchange directly slaps the face of the "community spirit" by listing a coin. Then let's not talk about construction in the future. I will play with whoever has more money and who is more ruthless. That's how the industry is.
Viewpoint 2: The idea of a community is a bit utopian. After all, everyone is here to make money, and in the end, isn’t it all about PVP?
Who will take over the community construction in the end? Why not just join the dance with the dealer and make some easy money? We are all here to make money, so who is more noble?
The path for conspiracy groups is simple, but the road for communities is long and difficult?
After this wave of "big up, small down" events fermented, everyone started to play with memes.
Some people may be genuinely joking when they use memes, while others may reveal a bit of helplessness while using memes.
Whether from the perspective of the initiator or the participant, community building should be much more difficult than forming a conspiracy group or conspiring with a conspiracy group. After all, the conspiracy group seems to only need to pay money and act in unison. After all, from the beginning, they enter the market with the mentality of harvesting, and it is difficult to really get themselves involved.
Communities that build consensus through belief and interests seem to inevitably face the problem of "how to balance community spirit and real profit". After all, sometimes conspiracy groups really spend money to manipulate the market.
The turmoil caused by the listing of coins on exchanges has temporarily brought victory to the conspiracy group, but this does not mean that this is how the market should be. Although the consensus of the conspiracy group is pure, it is purely for the purpose of cutting people off. In the long run, it will cause more than a little damage to the ecology. After all, no one wants to continue playing in a market where the conspiracy group always wins. In the end, the bleak ending of "one loss, all losses" may be inevitable.
As of the time of writing, the decline of $Neiro caused by yesterday's news has been largely recovered. For the time being, it seems that the community has not been devastated by the exchange's interference. As for what will happen in the future, will there be a wave of retail community protests like GameStop, or will the community collapse on its own? Of course, we can't predict it.
But the more naked reality is that the phenomenon of "everyone hates the conspiracy group, and everyone wants to be a conspiracy group" exists not only in Meme, but the entire industry and even human society are full of such ideas.
The road to "co-construction" still has a long way to go.
