This week, a controversial Binance listing has shaken things up in the meme coin market.
‘First Neiro on Ethereum’ has exploded over 10x in one day after being listed on Binance, while ‘Neiro Ethereum’ has plunged 35% after being overlooked.
Binance Listing Stirs Mayhem For Neiro Tokens
Critics accuse Binance of foul play after listing an obscure Neiro token with a $15 million market cap on its platform.
Most market participants were unaware of First Neiro on Ethereum until Binance announced the spot listing on Monday.
At the time, First Neiro on Ethereum had a $15 million market cap and was thin on liquidity. However, that all changed quickly – its market cap is $150 million, and its 24-hour trading volume is $449 million, up 9,254% today. This makes it the 14th most traded cryptocurrency.
Its price is currently up 864% in the past 24 hours.
Listing First Neiro on Ethereum was controversial because its market cap was much lower than Neiro Ethereum’s.
Furthermore, Binance listed Neiro Ethereum for futures listing just ten days ago, which caused many investors to buy with the expectations that a spot listing would follow.
Yesterday, Neiro Ethereum’s value was almost 10x higher than First Neiro on Ethereum’s. However, its price has collapsed by 35%, and its market cap now sits at $85 million.
One critic called this a “masterclass in market manipulation.”
Yazan explained that anyone with insider knowledge could “profit significantly” in two ways.
They could short Neiro Ethereum on Binance and invest in First Neiro on Ethereum before the listing was announced.
But on the flip side, some traders view this as a win for the everyday investor. Neiro Ethereum was heavily backed by well-known influencers, or “scamfluencers,” as 0xInvisiblemoon put it.
By listing a low-cap alternative, the analyst alludes that Binance has given normal traders a fair shot at making big gains.
Ultimately, the ramifications of Binance listing First Neiro on Ethereum have benefited its holders but devastated Neiro Ethereum holders.
However, it shows the interchangeable nature of many meme coins. The difference between listing First Neiro on Ethereum and Neiro Ethereum was arbitrary.
This makes creating an “edge” in meme coin trading difficult and is why utility meme coins like Floki, Shiba Inu, and Bonk have become popular.
With that in mind, a low-cap utility meme coin to consider is Memebet token. The project is creating the first meme coin casino and is currently undergoing a presale.
Is This the Next Meme Coin to Explode? Memebet Token Presale Nears $350K
Memebet Casino lets users wager top meme coins like Dogecoin, Shiba Inu, and Pepe on thousands of casino games and sportsbook events.
The Memebet token is currently in its presale stage 2, allowing investors to participate from the ground floor.
The crypto casino narrative has taken off recently, with projects like Rollbit and WINR Protocol surging over 60% this month.
Meanwhile, as evidenced above, the meme coin market continues to generate interest, and it seems just a matter of time until the next major meme coin season.
As such, Memebet token has a strategic market position at the intersection of two trending crypto narratives.
The project will also strengthen its appeal through casino giveaways, airdrops, and wagering bonuses.
Moreover, it has become the official regional sponsor of the Argentinian national soccer team.
Given that the project remains in its presale, all of this hints at a bright future.
Analyst RJ from Cryptonews speculates $MEMEBET has the potential to 100x in value.
He highlights that the project specifically targets the “degen” community by allowing users to place bets with meme coins.
Currently, the Memebet token price is $0.0251, but this will rise as the presale advances.
The price will increase throughout the campaign, with the next increase later today.
