About a week ago, Binance introduced Neiro Ethereum on its futures market, leading holders to anticipate a spot market listing, which they believed would boost the price. However, yesterday’s unexpected futures listing impacted the price negatively and affected holders’ profitability, leaving many surprised and frustrated.
On September 7, the price of Dogecoin-inspired Neiro Ethereum surged by 500% within seven days. This happened the same week Binance listed the meme coin in the futures market.
However, on Monday, the exchange listed another NEIRO token. Before listing on the spot and futures market, the meme coin’s market cap was less than $20 million. A few hours later, the price of First Neiro on Ethereum jumped by 1000%
In contrast, the more recognized NEIROETH experienced a price crash, falling from $0.14 to $0.077. It’s also worth noting that the death of Kabosu and the introduction of a new Shiba Inu puppy with the trending meme coin name led to the launch of several Neiro tokens.
As a result, it was not surprising that different tokens with similar tickers appeared on the same exchange. Following the price movement, Neiro Ethereum holders expressed frustration with Binance. Some even accused the exchange of tarnishing its reputation, according to comments shared on X.
Despite the notable price drop, market maker Wintermute Trading increased its NEIROETH holdings by buying an additional 19 million tokens earlier today. Purchasing such a large amount could be a positive sign for the troubled meme coin.
On the technical side, the Relative Strength Index (RSI) has reached an oversold level. The RSI measures momentum, with readings above 70.00 indicating an overbought condition, while those below 30.00 suggest an oversold condition.
Since the cryptocurrency is oversold on the 4-hour chart, a rebound could follow. If buying pressure increases, NEIROETH’s price might jump to $0.2
