Binance’s listing of Neiro triggered a 700% price surge in under 24 hours, drawing significant attention from traders and investors.
Allegations of insider trading have surfaced after a suspicious address accumulated Neiro tokens before Binance's announcement.
The Neiro community remains divided over the listing, with some members concerned about manipulation and others praising the move.
On September 16, the Ethereum memecoin market experienced significant movement as Binance, the largest crypto exchange, listed the Neiro token for spot trading. Neiro, a dog-themed meme token inspired by Akita Neiro, quickly surged over 700% in less than 24 hours after being listed, following a period of subdued price action.
Binance’s Impact on Neiro’s Price Surge
The listing on Binance breathed new life into Neiro, which had been lagging for weeks. As soon as Binance announced, the memecoin saw an explosive rally, gaining the attention of traders and investors across the crypto space. This surge placed the Neiro token in the spotlight and fueled discussions within the Ethereum and Solana communities, where other memecoins with similar themes have been circulating.
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Origins of Neiro and Market Response
Neiro traces its origins to a Shiba Inu rescue dog adopted by Atsuko Sato, who is well-known for owning Kabosu, the inspiration behind Dogecoin (DOGE). The “next Dogecoin” narrative helped Neiro attract significant interest since its launch in July. Despite the initial disappearance of its developer, the token managed to transform into a community-driven project on the Ethereum blockchain.
However, Neiro is not alone. A second token with the same name emerged on Ethereum, which quickly reached a market cap of $300 million. This rival token gained substantial traction when prominent figures from the Shiba Inu community started investing, and it secured listings on major platforms, including Bybit and Binance’s perpetual contracts.
Community Divide and Insider Allegations
The Binance listing has led to a divide within the Neiro community. Supporters of Ethereum’s first Neiro token viewed the listing as a positive development, believing it could bring more legitimacy to the project. However, others alleged manipulation. A prominent faction within the community pointed to rumors that crypto entrepreneur Justin Sun and other insiders were behind the listing decision, accusing them of having prior knowledge.
Observers noted an unlabeled address accumulating a substantial amount of Neiro tokens before the official listing announcement, raising concerns about insider trading. As of now, the unknown address holds unrealized profits exceeding $500,000.
The incident has sparked wider discussions about Binance’s involvement in the volatile memecoin space. Some community members have expressed concerns about potential legal consequences, questioning whether the exchange's involvement in this highly speculative market creates an unfair advantage for certain players.
