- Meme Coins Experience Price Volatility After Binance Listing
- Binance Faces Mix-Up with Neiro Listings, Causes Confusion
- Traders Reap Huge Profits Amid Market Frenzy
Binance has revealed that it will be adding three new meme coins to its platform: Neiro, Turbo, and Baby Doge Coin. This announcement led to significant price volatility, gaining a lot of attention from people in the crypto space.
Meme Coins Experience Price Volatility After Binance Listing
After the announcement, Neiro, Turbo, and Baby Doge Coin observed significant changes in their prices. Neiro initially jumped by 18% but then stabilized at a 3% increase. Turbo, however, continued a steady rise of 9%. Baby Doge Coin surged by 48% and then stabilized at a 44% gain. These changes indicate a highly volatile market, and Binance has urged its users to exercise caution when trading these coins. To mitigate risks, Binance has made it mandatory for users wishing to trade these tokens to undertake risk awareness tests. These quizzes are meant to help traders comprehend the inherent dangers of trading. Additionally, Binance has attached a 'seed tag' to these tokens, indicating that they could be more prone to fluctuations and risk compared to other listed cryptocurrencies.
Binance Faces Mix-Up with Neiro Listings, Causes Confusion
A mix-up occurred when Binance listed two different Neiro tokens under the same ticker, causing confusion among traders. Both tokens are listed as NEIRO, but they represent different projects with distinct circulating supplies. One is Neiro on Ethereum, and the other, listed for futures trading, is NEIROETH, with a separate supply. This confusion led to a surge in Neiro’s price by over 1,100%, resulting in unexpected volatility in the market. The duplicate listings led to a sharp increase in the token price as investors rushed to differentiate between the two assets. However, this was a short-lived rally, as the price of Neiro plummeted by 60% shortly after attaining its highest value. Binance has not responded to this issue but has reminded all investors to ensure they research before investing to minimize risk.
Traders Reap Huge Profits Amid Market Frenzy
Some traders have made significant profits from the listing of Neiro, Turbo, and Baby Doge Coin. A single trader made $1.8 million from an initial investment of $16.5K in Neiro after Binance announced its intention to list the digital currency. The trader had bought 5 ETH of Neiro early on and held it for eight weeks before the listing news, leading the token’s value to skyrocket by 1000%. > > This trader turned $16.5K into $1.8 MILLION on Neiro. > > Trader 0x6ac bought around 5 ETH of Neiro within the first 2 days of its existence. > > He held for 8 weeks before Binance announced its listing today – sending his holdings over the 7-figure mark. > > That’s over 100x. [pic.twitter.com/5SEF6HDmpK](https://t.co/5SEF6HDmpK) > > — Arkham (@ArkhamIntel) [September 16, 2024](https://twitter.com/ArkhamIntel/status/1835693778897948811?ref_src=twsrc%5Etfw). Likewise, another trader gained more than $500K by purchasing Neiro just minutes before the listing announcement became public. However, such investment remains risky, especially with meme coins, which are prone to high volatility. Market analysts predict that the inclusion of Neiro, Turbo, and Baby Doge Coin in Binance will have a significant impact on the altcoin market. Prices for Neiro are expected to possibly reach $0.08 or higher, Turbo might rise to $0.005, and Baby Doge Coin, which has grown by 43.89% recently, is also expected to rise significantly.
Binance's inclusion of Neiro, Turbo, and Baby Doge Coin led to significant market volatility. The exchange has also implemented educational measures and new trading features to help users manage risks. Users are advised to exercise caution when trading these new tokens.
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