The recent listing of First Neiro on Ethereum (NEIRO) on Binance caused an unexpected disruption in the market. This event was initially expected to significantly increase the price of Neiro Ethereum (NEIROETH), but ended up disappointing holders.
About a week ago, Binance introduced Neiro Ethereum on its futures market, prompting holders to expect a listing on the spot market, which they believe will boost the price. However, yesterday’s surprise futures listing negatively impacted the price and profitability of holders, leaving many surprised and disappointed.
Binance’s sudden listing shocks the market
On September 7, BeInCrypto reported that the price of Dogecoin-inspired Neiro Ethereum had risen 500% in seven days. This happened the same week that Binance listed the meme coin on the futures market.
However, on Monday another NEIRO token appeared on the exchange. Prior to listing on the spot and futures markets, the meme coin had a market capitalization of less than $20 million. A few hours later, the price of First Neiro on Ethereum jumped 1000%.
In contrast, the more established NEIROET experienced a price decline, falling from $0.14 to $0.077. It’s also worth noting that the death of Kabosu and the emergence of a new Shiba Inu puppy with the popular meme coin name led to the launch of several Neiro tokens.
Read More: How to Trade Cryptocurrency on Binance Futures: Everything You Need to Know
As a result, it is not surprising that different tokens with similar tickers appeared on the same exchange. Following the price movement, Neiro Ethereum holders expressed disappointment with Binance. Some even accused the exchange of tarnishing its reputation, according to comments posted on X (formerly Twitter).
For example, crypto trader VikingXBTC criticized the listing decision, suggesting that there were other meme coins with greater market interest that could be prioritized over Neiro-related coins.
“The more I think about these lists, the worse they get. These are three ads that no one wants. If you really want to make a list of meme coins, there are many others that actually make sense. They now have a total of 11 memes about the future—are you saying these three are the best?” VikingXBTC asked.
Additionally, NEIROET’s price collapse resulted in the highest level of realized losses since its launch. According to Santiment, the volume of intranet transaction losses on Monday reached 460 million. This spike suggests that holders began panic selling as the price plummeted.
NEIRO Price Forecast: Rebound Expected
Despite the noticeable drop in prices, market maker Wintermute Trading has increased its NEIROETH holdings by purchasing an additional 19 million tokens today. Buying 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 oversold levels. The RSI measures momentum, with readings above 70.00 indicating overbought conditions and readings below 30.00 indicating oversold conditions.
Since the cryptocurrency is oversold on the 4-hour chart, a rebound could follow. If buying pressure increases, NEIROET’s price could jump to $0.11.
Read more: 7 Popular Meme Coins and Altcoins That Will Be Trending in 2024
However, the value of the meme coin could fall to $0.052 if selling pressure increases and attention continues to shift to First Neiro on Ethereum.
