NEIRO, a dog themed memecoin that was released on the Ethereum network this year, has just received a second lease of life from Binance. Binance has just announced that the company just offered NEIRO a perpetual contract that would allow NEIRO to launch its NEIROETH token on the platform.
Following this announcement, the token skyrocketed by 120% to $150M from its all-time low.
Concerns over insiders trading and impact on NEIRO's market transparency
Despite the revival of the NEIRO Token, Bianance fans are angry that Binance is allowing the token to be listed on the platform because of all the controversies of this token. While some rumoured that 78% of NEIRO tokens were pre-allocated to insiders, others rumoured that the team is also involved in multiple rug pulls.
For this reason, users are now furious at Binance. Previously, Binance had previously promised its users that it would be addressing the issues of tokens that are launching at a high value with low initial circulation on the platform. But now Binance is doing the complete opposite by inviting a token that is being suspected for the allocation of tokens to insiders into its platform.
Apparently, Binance not only knows about the things that NEIRO is doing, it is even helping NEIRO to hide and cover its tracks. Some users have even pointed out that the Binance platform even removed one of the articles that was previously published in the article talking about the Rug and pull incident involving NEIRO.
Will NEIRO continue to rise?
What is noticeable is that NEIRO is going against the general market trend. While other memecoins are falling, NEIRO's trading volume continues to rise, as does its value. For this reason, I am sure it has caught the eye of investors. While low prices are often seen as a potential high risk, it could also reap high rewards in return. And so far, the bets are paying off.
At the time of writing, NEIRO is trading around $0.1322, up an incredible 61.64% over the last 24 hours. A significant increase in daily trade volume, which has risen by 245% to $157.27 million, coincides with this jump. Interestingly, this sum exceeds the token's market cap, which remains approximately $132.20 million.
This gap between trading volume and market cap implies an increased interest and activity in NEIRO, either due to speculative trading or expectation of future events, such as the launch of new trading pairs.
Investors seem bullish on NEIRO despite everything. But we can only continue to observe to see if the token can sustain its upward trend.
JinseFinance
Huang Bo
Beincrypto
Nulltx
Bitcoinist
Cointelegraph