The meme coin Neiro’s “capitalization dispute” has once again pushed Binance to the forefront.
But this time, Binance Alliance He Yi’s response was rare and calm. This move may also imply that the meme coin project’s subsequent listing strategy on Binance will be more cautious. In the recently published "Is Binance Flat?" In the article "He Yi uses 4 points to talk about Rat Cang: If you have different opinions, you may be right", we can clearly see that the influence of community voices on Binance's decision-making level is still considerable. At the same time, Binance’s internal organization is not as “grassroots” as the outside world had imagined.
However, the simultaneous listing of two new Shiba Inu coins, $Neiro and $NEIRO, on Binance is indeed a rare "grand occasion" on the meme currency track, and it can also be regarded as a "turning point on the meme coin track" to some extent. Odaily Planet Daily will briefly sort out and analyze relevant events in this article.
Event traceback: uppercase $NEIRO contracts are listed first, lowercase $Neiro spot contracts are logged in later.
If the initial "Neiro Token Capitalization Debate" still remains at the confrontation between the "cabal" and the "decentralized community", then Binance, which has the title of "the largest institution in the universe", " "Join" undoubtedly added another fire to this dispute.
NEIRO contract in capital letters goes online first: Cabal defeats the crypto community?
On September 6, Binance issued an official announcement stating that “Binance Futures will launch NEIROETH 1-75 times $USDT perpetual contract.” As soon as the news came out, the market reacted quickly - the price of $NEIRO quickly exceeded $0.16, with a 24-hour increase of 139.25%, and once exceeded $0.2 in the following days.
Source: Odaily Planet Daily Binance official announcement related information
It is worth mentioning that at that time, the $NEIRO token was bombarded by many X platform users, saying that the "cabal" behind it had distributed tokens to multiple addresses and gradually sold them, and then the washout lasted for 2 months. ; Before the Binance contract went online, $NEIRO also rose slightly, and some people also questioned the existence of "rat position" behavior.
Although $NEIRO’s trading volume reaches hundreds of millions of dollars on exchanges such as Bybit, the previous “internal currency holdings” of up to 78% of the project team still made crypto players who joined because of the relatively fair participation threshold of meme coins scornful. Some voices also emerged in the market and community, criticizing Binance’s currency listing and expressing disappointment.
But soon, things took a turn for the better.
Lowercase Neiro spot contracts follow closely: Can the fire of the community start a prairie fire?
On September 16, after the news of “Capital $NEIRO contract listed on Binance”, 10 days later, Binance officially issued another announcement saying, “Binance will list First Neiro on Ethereum ($NEIRO), Turbo ($TURBO) ) and Baby Doge Coin ($1MBABYDOGE) and add a seed tag to it."
Because the token ID in the official announcement is also uppercase $NEIRO, many people mistakenly thought it was the $NEIRO project that had already completed the contract launch before, and did not pay too much attention to it. However, the contract address showed that the project was actually the lowercase $Neiro project. , the market value of the project at that time was only about US$20 million.
Moreover, not only the uppercase and lowercase $Neiro is quite confusing, Binance’s “one-click three coins” operation also leaves many users scratching their heads - although in terms of transaction volume, project operation, and market recognition, $TURBO and $BABAYDOGE can indeed be classified as "old meme currency projects", but such intensive "spot currency listings", and both are meme coins, are as rare as the previous "$BOME 3 days on Binance".
At 4:30 pm that day, Binance officially issued another announcement, saying that "Binance futures will launch \NEIROUSDT and 1MBABYDOGEUSDT 1-75 times USDT perpetual contracts." Not only that, Binance's official announcement also specifically reminded: "Please note that this contract is "First NeiroFirst Neiro On Ethereum" ($NEIRO), and the address is 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee. It is a different proxy from the NEIROETHUSDT contract that was launched on September 6, 2024. Coin (Address: 0xee2a03aa6dacf51c18679c516ad5283d8e7c2637).
Many people woke up at this time: "It is indeed the lowercase $Neiro token supported by many Chinese community members that has logged into Binance both in spot and contract terms." The market value of $Neiro's project also rose rapidly in just a few hours, soaring from US$20 million to over US$120 million. In contrast, the price of the capitalized $NEIRO token fell rapidly, falling below 0.1 in just a few hours. The U.S. dollar fell as low as around $0.072, with the largest single-day drop exceeding 50%, and currently remains around $0.076.
Many people exclaimed: In the end, the encryption community defeated the "cabal".
Source: Odaily Planet Daily Binance Announcement Information Interface
After $Neiro successfully logged into Binance for both spot and futures contracts, Binance subsequently released "Binance will launch $NEIRO, TURBO and BABYDOGE in earning coins, flash swaps and margin trading", "Binance pledged currency Two announcements have been made regarding the addition of $NEIRO, $POL, $TURBO and other loanable assets. The support for the lowercase $Neiro project is far stronger than the previous uppercase $NEIRO project.
Although some people have criticized Binance's move for once again lowering the "currency listing standards", in today's volatile market with increasingly tight liquidity, combined with the main demands of the exchange, there is market attention and activity The meme coin project with a large trading volume and stable operation is indeed "within range", which is understandable.
Community voice: Some people take action after hearing the news, some dig in to the bottom, and some run away from both ends.
Regarding the listing of both upper and lower case NEIRO/Neiro tokens on Binance, the voices and reactions of the crypto community are also quite intriguing.
When the $NEIRO contract was launched, some people "wanted to be part of the cabal", some people made short-term gains and successfully made profits; some people were too superstitious about the "Binance Effect" and had no choice but to chase the high price. After the $Neiro spot and contract went online, the previous "diamond players" finally got the corresponding rewards, and they were all happy; there were also lucky ones who were the first to ambush and made hundreds of thousands of dollars in profit; of course, there were also people who cut the meat first and bought $Neiro positions The $NEIRO token finally missed out on Neiro, and I can only sigh with regret.
Lucky or insider? A certain whale opened a position in $Neiro with more than 20 WETH coins, with a floating profit of US$355,000.
On September 16, according to monitoring by on-chain analyst Ai Ai, an address that happened to open a position of 1.3 billion $Neiro on September 15 made a profit of 694% in one day. This lucky guy 0x4bb previously withdrew 21.667 $WETH from CEX, bought 1.3 billion $Neiro tokens at an average price of $0.00003924, and has held it so far, making a floating profit of $355,000.
KOLs who are obsessed with "drilling": Laser Cat, Philanthropist
According to a post on the X platform by Chinese crypto KOL and Tinfun NFT founder "Laser Cat", thanks to the increase in token prices brought about by Binance's launch of the $Neiro project, he has achieved nearly US$2 million in revenue from a single meme coin project. . Previously, he also forwarded a post in which the on-chain monitoring account Onchain Lens tracked operations related to buying $Neiro tokens from his personal address.
In addition, another Chinese crypto KOL "Cryptocurrency Philanthropist" also gained a lot this time. He had previously posted that he was more optimistic about the $Neiro project supported by the community. He himself concluded in a post: "The initial purchase of $50,000 of $neiro will cost around $17 million in market value; when $50,000 rises to $100,000, At that time, I sold US$50,000 for the purpose of recovering the capital, and the remaining US$50,000 position was all profit. I recently checked that the profit is now worth about US$400,000 (equivalent to 9 times profit), and I have just paid out half of the profit; We still have a profit of $200,000.”
"Victim" of market news: Loss of $250,000 in just a few days
Of course, not everyone can "enjoy the results" of this feast, and some people "pay" for it. Crypto KOL San Francisco Not Paris posted on the X platform that “I ended up losing about US$250,000 due to my participation in transactions related to NEIRO/Neiro tokens.”
Early sellers of Shiba Inu Coin enter the market, Neiro continues
Of course, the NEIRO/Neiro uppercase and lowercase token project dispute has come to an end for the time being, but the development of the $Neiro project continues.
According to Spot On Chain monitoring, an early Shiba Inu coin buyer exchanged 1,003 Ether coins ($2.31 million) for 2.86 billion $Neiro on September 18.
It is worth mentioning that although the whale earned $145 million from Shiba Inu Coin in 2021 ~ 2022, 2 of the last 3 transactions (including $NEIROETH and the second Shiba Inu Coin transaction) have caused 13.48 million dollar losses.
As of writing, the $NEIRO token price is stable at around $0.073, with a market capitalization of approximately $73.7 million; the $Neiro token price was once close to $0.0009, and has now fallen back to around $0.0008, with a market capitalization of approximately $337 million.
Binance pivots: multiple considerations, caring about the community, the second half of the meme currency track is coming
Finally, we will make a brief analysis of the NEIRO/Neiro uppercase and lowercase token dispute. From the attitude and operational changes of the industry leader Binance, we can get a glimpse of the follow-up trend of the meme currency track from the beginning of this year to the present day. . From some perspectives, the second half of the meme currency track may have arrived.
Binance pivots: from “you can short-sell” to “consider hot spots” to “admit shortcomings”
In March of this year, with the passage of the Bitcoin spot ETF, market sentiment was high, the price of Bitcoin broke through new highs, and the price of Ethereum was once close to US$4,000. In addition, the Solana meme coin craze led by $BOME completely detonated the entire market, and the market once entered a liquid state. The "bull market sentiment phase" is a period of heightened enthusiasm and high trading enthusiasm.
Taking this opportunity, as a leading exchange in the industry with over 200 million users and a benchmark for cryptocurrency, Binance started a wave of currency listings that now seems slightly "crazy" - in just a few months More than a dozen projects with higher market value have been listed. At that time, the "VC coin" with "high FDV and low circulation" also became the focus of heated discussion in the market.
In addition, at the time when the US SEC launched a highly tense investigation into Binance, Binance eventually reached a settlement of up to US$4 billion with it, and its founder CZ was eventually sentenced to 3 months in prison and retired from Binance’s management. Sexual results are temporarily off the market.
At that time, many people were extremely dissatisfied with Binance's "crazy blood-sucking market" approach. Regarding this, Lianchuang He Yizi, the "face" of Binance, said bluntly: "You can short-sell projects that are not promising." This shows. The domineering attitude of the market leader and the ruthless style of survival of the fittest in the market.
Source: Odaily Planet Daily Binance Lianchuang He Yi’s previous post
Time has come to September, and the information about the Federal Reserve's interest rate cut is still secretive. The market is also showing signs of fatigue after experiencing waves of shocks. As one of Binance's "talkers", He Yi may have also realized the market environment. The different impacts brought about by the changes, and at the same time, it also pays more attention to "community feedback". His speech is also different from the previous sharp and direct speech, but it is more like a heart-to-heart communication with community members.
Just in the past two days, He Yi said in a Telegram group: "Binance has no intention to command memes. The problem is that there are no hot topics now. To summarize, there are roughly three categories:
TG mini-games with lots of playing cards.
A large number of infrastructure projects and other token issuances are all highly valued VC coins.
Meme coins are the only popular currency in the market. The previous contract did follow the trend of big $Neiro, and the community responded to the meme currencyization, so I spent some time to find some projects with relatively low market capitalization and dispersed currency holdings to test the waters.
We are also keeping an eye on other types of projects. If you think there is a coin that you think is a good candidate, you are welcome to recommend it.
However, Binance is a trading platform and will try its best to provide a variety of tokens that the market needs. However, investment is risky. We hope that everyone should DYOR as much as possible before buying or selling. "
Source: Odaily Planet Daily
On the one hand, the speech provided a side explanation of the recently launched TON ecological project tokens such as $DOGS, $HAMSTER, and $CATI; on the other hand, it also showed Binance’s goodwill and sincerity to the community: while considering hot topics, Will listen to community opinions and suggestions.
Not only that, He Yi’s latest post mentioned at the beginning stated in a very sincere and low-profile manner: “Everything I have gained today is a product of the times. It is the rapid economic development brought about by globalization and the rise of the Internet. The information flatness is an opportunity that the blockchain industry has created from scratch. It is not because of my own talents, but because in the early days of the industry, "there are no heroes to make Zhuzi famous." This means: "I am not necessarily right." 』.
The second half of the meme currency track is coming: active trading, market attention, and continued topicality are all indispensable
In addition, the NEIRO/Neiro uppercase and lowercase token dispute may also mean that after experiencing the Solana meme coin boom represented by $BOME and $SLERF, the PVP meme coin boom led by pump.fun, and $MOTHER, $ After the craze of celebrity meme coins such as DADDY and the meme coin craze led by "New Shiba Inu Neiro", the meme coin track has entered its second half.
On the one hand, there will be fewer and fewer meme coins that are rapidly declining, and meme coin projects have also begun to pay attention to "topiciness", "breaking the circle" and short-term "wealth creation effect"; on the other hand, Meme coins are no longer as attractive to outsiders as they used to be. Now that liquidity is increasingly tight, the "final destination" of meme coin projects may be to start a business in "To VC" or "To exchange" stage.
Just as we previously mentioned in "The Evolution of the Crypto Venture Capital Cycle (Part 1): Rebuilding a New World" - "VC coins were also meme coins", the current meme coins and subsequent meme coin projects Perhaps we have to face the situation of "meme coins are also VC coins".
The latest news shows that Wintermute has accumulated $NEIRO tokens worth approximately $3.4 million since September 10, according to monitoring by The Data Nerd. As of now, the address holds a total of approximately $4.55 million worth of tokens, accounting for approximately 6.2% of the total supply. (Odaily Planet Daily Note: There is speculation in the market that Wintermute may be the exchange market maker of the NEIRO project, but this news has not been verified.)
After all, whether a successful meme coin can stand out from thousands of projects requires, in addition to its "original narrative", a "strong banker", a "strongly cohesive community" and a "campaign for it" "Project Party" or "Volunteer". In other words, the Meme Coin, which had no fighting power, lost from the very beginning, completely and completely.
This may also be an important reason why after experiencing high-intensity PVP, although one-click currency issuance platforms have sprung up in various ecosystems and platforms, the meme currency track has gradually turned cold.
Conclusion: Meme coins are out of the "Grass Team Development Period"
Finally, please allow me to draw an arbitrary conclusion for the time being: once three or five people started a meme currency project, and finally with the help of the market and the community, the market value of the project exceeded tens of millions or even hundreds of millions of dollars. It is difficult to reappear. Meme coins have broken away from the previous "Grass Team Development Period".
As we mentioned in the article "After the Meme Summit, Base Meme Coin Ecosystem Officially Enters the Second Half" written in June this year, it is difficult for meme coins that can succeed on their own to appear in the Base ecology. , the subsequent sluggish market performance of $DEGEN, the representative meme project of the Base ecology, and MFERCOIN, the "NFT artist's second entrepreneurial venture" that followed the momentum of $BOME, also confirmed our judgment from the side.
Now, the scope of application of this view has been expanded to the entire encryption industry-perhaps it is time for meme coins to enter the market as a "regular army".
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reprinted with permission from: "PANews"
Original author: Wenser, Odaily Planet Daily
