Can NEIRO price bounce back after Binance listing controversy?
The recent listing of First Neiro on Ethereum (NEIRO) on Binance caused an unexpected disruption in the market. This development, which was initially expected to significantly boost the price of NERO Ethereum (NEIROETH), ended up disappointing owners.
A week ago, Binance introduced Nero Ethereum on its futures market, which led owners to speculate on the spot market listing that they believed would push the price higher. But yesterday's unexpected futures listing took many by surprise as it had a negative effect on the price and affected the profitability of the holders.
The sudden listing of Binance shocked the market
On September 7, BeInCrypto, inspired by Dogecoin, the price of Ethereum rose by 500% in seven days. This happened the same week Binance listed the meme coin on the futures market.
However, on Monday, the exchange listed another NEIRO token. Before it was listed on the spot and futures market, Memecoin's market cap was less than $20 million. A few hours later, the price of First Nero on Ethereum jumped by 1000%.
In contrast, the more popular NEIROETH suffered a price collapse, falling from $0.14 to $0.077. It's also worth noting that Kabosu's death and the introduction of a new Shiba Inu puppy in the name of the trending meme coin launched several Nero tokens.
Read more: How to trade Crypto on Binance Futures: Everything you need to know
As a result, it is not surprising that different tokens with the same symbol appear on the same exchange. Following the price movement, Ethereum owners have expressed frustration on Binance. Some have accused the exchange of defaming the exchange, as have comments shared on X (formerly Twitter).
For example, the crypto trader VikingXBTC criticized the listing decision, pointing out that there are other meme coins with high market demand that can be prioritized over Nero.
“The more I think about these details, the worse they get. It's three lists that nobody wants. If you want to list meme coins, there are many others that make sense. They have a total of 11 memories in their future lives – would you say these are the top three? asked VikingXBTC.
Furthermore, the fall in the price of NERO has resulted in the largest recorded loss since its inception. According to data from Santiment, the amount of losses on the chain reached 460 million on Monday. This increase suggests that holders have engaged in panic selling as prices have fallen sharply.
NEIRO Price Forecast: A recovery is expected
Despite the significant price drop, market maker Wintermuth Trading increased its NEIROETH holdings by buying an additional 19 million tokens earlier 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 an oversold level. The RSI measures momentum, with readings above 70.00 indicating an overbought condition, and those below 30.00 indicating an oversold condition.
Since the currency is oversold on the 4-hour chart, a rebound may follow. If buying pressure increases, NEIROETH price may jump to $0.11.
Read more: 7 Hot Meme Coins and Altcoins Trending in 2024
However, if selling pressure increases and attention continues to shift to First Niro over Ethereum, the price of MemCoin may drop to $0.052.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
