Ethereum memecoins made headlines on Sept. 16 when Binance listed Neiro for spot trading, causing the token to surge to new highs.

Binance’s listing of Ethereum’s first Neiro token resulted in a remarkable 700% increase in its value within less than 24 hours, following a period of weak price action.

Neiro is a dog-themed meme token inspired by Akita Neiro, a rescue Shiba Inu adopted by Atsuko Sato. Sato is well-known in crypto circles for owning Kabosu, the dog that inspired Dogecoin.

After Sato introduced Neiro, a flood of tokens with the same name appeared on the Ethereum and Solana blockchains. Two specific tokens gained significant attention, both on Ethereum’s blockchain.

Launched in late July, these memecoins attracted interest due to the “next Dogecoin” narrative. The first Neiro on Ethereum became a community-driven project after its developer vanished, with members rallying to support and grow the token.

Another token quickly reached a market cap of nearly $300 million, attracting whales and heavy hitters from the Shiba Inu community. This NEIRO memecoin secured exchange listings on platforms like Bybit and Binance’s perpetual contracts.

Binance’s listing sparked mixed reactions within the Neiro community. While some praised the move as beneficial for the community, others accused the exchange of manipulation. Allegations surfaced about Tron founder Justin Sun and other insiders being involved. Sun was seen promoting the memecoin on social media before Binance’s listing announcement.

“So @binance really just listed a 12m mcap token – cos @justinsuntron got insider connects?”

Observers noted that an unidentified address accumulated the first NEIRO token before Binance’s announcement. This unknown investor had over $500,000 in unrealized profits, raising concerns about insider information and potential frontrunning.

“This guy bought $Neiro about 40 minutes before Binance listing tweet and is over $516,000 in profit after about 6 hours.”

Neutrals expressed worries about the potential legal repercussions for Binance. Several users questioned whether the exchange should involve itself in the volatile memecoin market and if its participation created an unfair advantage for some players.

“Surely what @binance have done with $neiro is illegal? The manipulation has caused many to take heavy losses. Ethically, tokens with various contending projects should be avoided by big exchanges.”

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