The recent listing of First Neiro on Ethereum (NEIRO) on Binance has led to unforeseen disturbances in the market. This event, which many anticipated would greatly elevate the price of Neiro Ethereum (NEIROETH), ultimately left holders feeling discontented.
A week ago, the introduction of Neiro Ethereum to Binance’s futures market inspired holders to expect a spot market listing, which they believed would drive the price upwards. However, the surprise futures listing yesterday negatively affected the price and diminished holders’ profitability, catching many off guard and leaving them frustrated.
Sudden Binance Listing Shocks the Market
On September 7, BeInCrypto noted that the price of Dogecoin-inspired Neiro Ethereum skyrocketed by 500% over the course of the week. This surge coincided with Binance’s listing of the meme coin in the futures market.
Yet, on Monday, the exchange unexpectedly listed another NEIRO token. Prior to being available on the spot and futures market, the meme coin had a market cap of under $20 million. Within mere hours, the price of First Neiro on Ethereum soared by 1000%.
In contrast, the more established NEIROETH experienced a dramatic decline, plummeting from $0.14 to $0.077. Additionally, the passing of Kabosu and the announcement of a new Shiba Inu puppy with a trendy meme coin name led to the emergence of several Neiro tokens.
Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know
Thus, the appearance of various tokens with similar tickers on the same exchange was not surprising. Following the price fluctuations, Neiro Ethereum holders voiced their displeasure with Binance. Some accused the exchange of undermining its credibility, as indicated by comments shared on X (formerly Twitter).
For instance, crypto trader VikingXBTC criticized the listing strategy, suggesting that other meme coins with greater market interest should have been prioritized over those related to Neiro.
“The more I ponder these listings, the more perplexing they become. It’s three listings no one asked for. If you must list meme coins, there are numerous other options that actually make sense. They currently have a total of 11 memes on their futures market — are you suggesting that these three are the best?” VikingXBTC asked.
Furthermore, the decline in NEIROETH’s price resulted in the highest level of realized losses since its inception. Data from Santiment indicates that the on-chain transaction volume in loss hit 460 million on Monday. This significant spike points towards panic selling as the price sharply dropped.
NEIRO Price Prediction: Rebound Expected
In spite of the significant drop in price, market maker Wintermute Trading boosted its NEIROETH holdings by purchasing an additional 19 million tokens earlier today. Acquiring such a substantial quantity might signal positivity for the beleaguered meme coin.
From a technical standpoint, the Relative Strength Index (RSI) has reached an oversold threshold. The RSI gauges momentum, with values exceeding 70.00 reflecting an overbought state, while those below 30.00 indicate an oversold condition.
Given that the cryptocurrency is oversold on the 4-hour chart, a rebound could be on the horizon. Should buying pressure rise, the price of NEIROETH might increase to $0.11.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Nonetheless, the value of the meme coin could decline to $0.052 if selling pressure intensifies and focus continues to drift towards First Neiro on Ethereum.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis is intended for informational purposes only and should not be viewed as financial or investment advice. BeInCrypto is committed to providing accurate and impartial reporting, but market conditions can change unexpectedly. Always perform your own research and seek professional guidance before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been revised.
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