Binance's NEIRO Listing Triggers 40% Drop in Lookalike Memecoin NEIROETH
CryptoNewsTerminal Staff17 Sep, 2024
Binance's NEIRO Listing Triggers 40% Drop in Lookalike Memecoin NEIROETH
Binance's recent listing of NEIRO perpetual futures has inadvertently caused a 40% drop in a similar memecoin, NEIROETH. Traders had anticipated a rally in NEIROETH following Binance's announcement, but instead, the coin plummeted, attributed to panic selling from holders. NEIROETH, previously listed on Binance perpetual futures in early September, had experienced a surge of 500% within seven days. However, the surge was short-lived, and the listing of NEIRO perpetual futures triggered a reversal in its price trajectory. This incident underscores the volatile nature of the cryptocurrency market, particularly in the memecoin space, where hype and speculation often drive price movements. While NEIROETH may have gained traction initially, its price drop highlights the risks associated with investing in memecoins and the need for thorough research and due diligence before making any investment decisions.
