Meme Coin Surges 700% After Listing on Binance
BitVerge – The listing of a cryptocurrency linked to Dogecoin (DOGE) on Binance has sent its value soaring 700%, one of the biggest surges in recent months. Binance announced Monday morning that it will add a cryptocurrency called First Neiro along with two other tokens to its spot trading offering. Neiro was previously available as a futures product.
The notable detail in this announcement is that there are two different versions of Nero, each with a different smart contract address and managed by different teams. “This listing is for ‘First Neiro On Ethereum ’ (NEIRO) with contract address: 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee,” Binance explained in its announcement. It also noted that this version is different from the NEIROETH futures contract, which has a different contract address: 0xee2a03aa6dacf51c18679c516ad5283d8e7c2637.
Immediately after the listing was announced, the price of Nero soared by over 700%, with the coin’s market cap jumping from $ 15 million on Sunday to $146 million. Trading volume also soared, going from $8 million in the 24 hours from Saturday to Sunday to over $220 million in the following 24 hours.
Binance data shows that NEIROETH futures saw trading volumes of nearly $1 billion in the same period. However, the coin has seen a 40% drop since the start of trading in Asian markets on Monday, with most of the losses coming after Binance listed First Nero on the Ethereum network as a spot trading offering.
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What is the currency of “Nero”?
Nero is a meme coin that derives its fame from its association with Dogecoin. The coin is associated with a Shiba Inu puppy named Nero, who was adopted by Kabosumama, the owner of the famous dog Kabosu that inspired Dogecoin. After Kabosu passed away in May 2024, Kabosumama adopted Nero, which led to huge interest and the launch of hundreds of Nero coins on various blockchains such as Ethereum and Solana.
There are two main versions of Nero, one on Ethereum and the other on Solana, and each community believes that their version is the original. Although the coin is unofficially affiliated with Kabosumama, it has previously stated that it does not support either version.
Nero is one of several cryptocurrencies that are capitalizing on the popularity of memes, especially those related to dogs such as Dogecoin and Shiba Inu. These coins aim to attract traders through the cultural and symbolic associations associated with them.
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