Binance Spot Listing Causes 700% Surge in NEIRO Token Prices

Binance Spot Listing Sparks 700% Surge in NEIRO Token Prices

A recent spot listing on Binance for a token associated with Dogecoin (DOGE) has ignited a remarkable 700% surge in its value, marking one of the most significant price jumps following a listing in recent months. On Monday, Binance announced it would list ‘First Neiro on Ethereum’ (NEIRO) alongside two other tokens, enhancing its trading offerings for users. Notably, Binance had already included NEIRO tokens in its futures products, a common practice in the industry for transitioning tokens from futures to spot listings.

However, the situation took an intriguing turn as the two NEIRO tokens are linked to different contract addresses and are maintained by separate teams. In their announcement, Binance stated, “This Futures listing is for ‘First Neiro On Ethereum’ (NEIRO) with the contract address here for verification: 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee.” They further clarified, “This is a different token from the NEIROETH Futures listing dated 2024-09-06 (a different token contract address for verification here: 0xee2a03aa6dacf51c18679c516ad5283d8e7c2637).”

The community’s response to Binance’s post on X was largely critical and bewildered. One user, @0x_degengod, questioned, “You’re listing two different Neiro on spot and futures?” Another user, @cozypront, expressed disbelief: “How are you gonna list the 15M Neiro when you already have the 130M on futures?”

Following the Binance announcement, NEIRO tokens experienced an explosive rise of over 700%, although they later retraced some gains. The market capitalization skyrocketed from $15 million to an impressive $146 million. Trading volumes also surged from around $8 million within a 24-hour period on Saturday to more than $220 million within the past day. According to Binance data, the existing futures for the NEIROETH token garnered nearly $1 billion in trading volume over the same timeframe. However, prices for this token have since dipped by 40%, largely in response to Binance’s decision to list the ‘First Neiro on Ethereum’ token (simply referred to as “NEIRO”).

What is Neiro?

Neiro is a Shiba Inu pup belonging to the same individual whose beloved dog, Kabosu, inspired the creation of the famous Dogecoin memecoin. Kabosu sadly passed away in May at the age of 17, leaving behind a legacy that includes a statue and a memecoin valued at $18 billion.

In late May, Kabosumama, the account holder of Kabosu’s human owner, welcomed a ten-year-old Shiba Inu named Neiro as a new addition to her family. This event led to the emergence of numerous NEIRO memecoins across various blockchains, including Ethereum and Solana. Ultimately, two distinct NEIRO tokens—one on Ethereum and another on Solana—gained enough trading volume and community interest to form active holder communities. Both groups continue to assert that their respective NEIRO token is the original.

Meanwhile, Kabosumama has made it clear that she does not endorse any NEIRO tokens and has distanced herself from these projects, stating in May that she does not support any such coin initiatives.