Not only was the community "criticized" for listing 3 new Token , all of which are memecoins, but also for the controversy that caused confusion among investors related to NEIRO coin.
Binance is "flooded" with "controversy" after listing BabyDoge, TURBO, and NEIRO. Photo: Binance
Binance Announces Listing of BabyDoge, TURBO, NEIRO
On the afternoon of September 16, 2024, Binance exchange announced that it will soon list 3 new projects: First Neiro on Ethereum (NEIRO) , Turbo (TURBO) , and Baby Doge Coin ( 1MBABYDOGE , a 6-digit shortened version of the original Token BabyDoge).
All these Token will be listed in Binance's Seed Tag list - an alternative category. The old Innovation Zone, which is typically used for Token that have potential but come with high volatility and risk - and will be able to start trading at 17:00 PM today.
Binance Will List @neiroethcto$NEIRO , @TurboToadToken$TURBO and @BabyDogeCoin $BABYDOGE with Seed Tag Applied.
— Binance (@binance)September 16, 2024
Read more 👉 https://t.co/cwaNCfaAS7 pic.twitter.com/7gvibLZYQ0
Binance's "confusing" move
Immediately after the above announcement, the crypto investor community witnessed for the first time that the exchange that is always XEM a leading name in the cryptocurrency market, Binance, which has always been considered a "model" for project approval standards before listing, now simultaneously listed 3 Token at the same time. Notably, all 3 of these Token are memecoins - often created for entertainment purposes and have no value or solve any problems.
Notably, among the 3 newly listed Token , NEIRO is the name that is causing Binance to be "flooded" with the most "scandalous" storm. Because in the current crypto market, there are many NEIRO Token launched on Ethereum, Solana and TRON all using the same code name.
The controversy over NEIRO actually started in late July , when this series of memecoins was launched, named after Kabosu's owner's new dog - a Shiba Inu that inspired a series of dog-based coins.
List of some coins with the code "NEIRO" on CoinMarketCap when entering search. Photo taken at 07:30 PM on September 16, 2024.
In this list, Neiro Ethereum is the name that has been listed by Binance for trading as futures with the trading pair NEIROETH/ USDT, with a current market Capital of around 90 million USD.
NEIRO, which Binance recently announced to list as Spot with the NEIRO/ USDT trading pair, is another Token , part of the First Neiro On Ethereum project, with a market cap before trading of only about 15 million USD. This is also the coin that Vitalik Buterin liquidated when the project team intentionally sent 4% of the total coin supply to the Ethereum founder's wallet to polish its name.
However, right after the listing information, this Token witnessed a growth of more than 600% in the past 24 hours and even increased x10 at times, pushing the Capital value of First Neiro On Ethereum to surpass Neiro Ethereum. This has caused a series of investors to fall into a "confused" mentality when they do not know which version of NEIRO is listed on Binance, leading to many "slanders and rumors" from the community.
First Neiro On Ethereum price movement in the last 24 hours, screenshot from CoinMarketCap at 08:25 PM on 09/16/2024
Meanwhile, the price of Neiro Ethereum increased slightly at the time Binance announced the listing, when the community had not yet realized the difference, and then plummeted when everything was revealed.
Neiro price movement in the last 24 hours, screenshot from CoinMarketCap at 08:25 PM on 09/16/2024
Binance faces a storm of "rumors" from the investor community
An account @bull_bnb, commonly known in the community as a veteran investor in the crypto market and a "strong" believer in Binance's BNB coin, posted a tweet expressing extreme confusion about the move of his beloved exchange. This person had to exclaim "wait. So which project is Neiro listed on Binance?".
Wait what? Which neiro got listed on spot binance?
— Bull. TRX (@bull_bnb) September 16, 2024
User @HGEABC commented that Binance exchange seems to be "targeting to list Token indiscriminately, including low-cap altcoins (low Capital )" . At the same time, it concluded with a sentence "Down bad" - nothing more than a backward development for their position.
Binance is listing $15M marketcap coins with duplicate tickers, targeting MXCs lowcap altcoin market.
— HGE (@HGEABC) September 16, 2024
Down bad https://t.co/fCTi1xuX5y
Sharing the same opinion with @HGEABC, the account @cozypront was also extremely confused when Binance listed the NEIRO Token spot with a market cap of only 15 million USD, while previously listing NEIROETH futures trading with a market cap of 130 million USD.
This person expressed his frustration and looked forward to the day when former Binance CEO Changpeng Zhao (CZ) is released - who is currently serving a 4-month prison sentence and will be released at the end of September . Because he believes that not only himself but also many others have the same thought "CZ will never make a decision to list Token indiscriminately like the current new CEO Richard Teng" .
More pessimistically, the account @cryptodeadline said that "the scale of project reputation by listing on Binance is no longer effective. It is dead" .
Binance listing use to mean a lot bruh!!!
— 𝕯𝖊𝖆𝖉𝖑𝖎𝖓𝖊 ☠️ (@cryptodeadline) September 16, 2024
Now it's just there.
Binance listing Era is dead. https://t.co/tPaNfDGVWH
Not stopping there, social network X is also spreading screenshots showing that information about 3 memecoins NEIRO, TURBO and BABYDOGE listed on Binance was leaked since last night (September 15), but has not been verified.
币安老鼠仓真6。 @binance so corruption now, someone knows they gonna list 15m MC Token one day ago. @SECGov @GaryGensler pic.twitter.com/IrPcGdhF3O
—Dr. Hash“Wesley” (@CryptoApprenti1) September 16, 2024
Binance Statement
It can be seen that this incident is increasingly like "rising floodwaters", the investor community is waiting more than ever for an explanation from Binance.
According to an unofficial information that is being spread, the content in the screenshot shows that Ms. Yi He, co-founder of Binance, explained that "there is no intention to lead the market to promote the memecoin trend", but that the market is currently mainly focused on dividing into 3 main segments and they are also following this listing trend:
- Minigames on Telegrams, mostly bring Airdrop rewards - typically a series of projects recently launched by Binance Launchpool such as NOT , DOGS , and upcoming HMSTR , CATI .
- Infrastructure projects are waiting to Token Issuance, all of which are Token owned by VCs, meaning low supply but high FDV .
- Finally, there is Memecoin , which the exchange has seen as having a similar user base. NEIROETH is a Token in this group, so it was listed as a futures test token first, but the community reported that this is a Token created and held by most whales. Therefore, Binance had to look for other Token with a more even distribution, lower FDV (referring to NEIRO, which was newly listed on the spot).
However, this is just information spread by screenshots with Ms. Yi He's avatar, not verified by Binance.
If the information spread above is true, it is not the first time that the powerful "beauty" of Binance has spoken out about the "drama" about the exchange. Remember in February 2024, after listing Ronin Network's Ronin coin, there were countless discussions surrounding the coin's continuous price decline, especially the suspicion of insider trading from knowing the listing time in advance, forcing Ms. Yi He to "come out" to explain .
. @binance co founder @heyibinance 's response:
— Aramun (@aramuninvest) September 16, 2024
Binance has no intention to guide the trend towards meme, currently the market is consist of the below three major categories:
1) Telegram mini games, with many Airdrop farmers.
2) Many infrastructure projects waiting to issue… pic.twitter.com/Ps7QUTuL88
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