Today, Binance announced plans to launch a NEIRO/ETH/USDT perpetual contract with up to 75x leverage. This announcement comes amid increased scrutiny of the NEIRO token over allegations of insider trading.
Binance's New Contract Announcement
Although Binance has not launched NEIRO spot trading on its platform, it announced earlier today that it plans to launch a NEIRO/ETH/USDT perpetual contract with up to 75x leverage.
Allegations Against NEIRO
Blockchain analytics platform Bubblemaps recently revealed that 78% of NEIRO tokens were previously allocated to insiders, who transferred the tokens to over 400 different wallet addresses. This insider group sold approximately $9 million worth of NEIRO tokens by August 28, raising concerns about market manipulation and insider trading.
Market Reaction to the Announcement
Shortly after Binance’s announcement, blockchain tracking service Lookonchain reported that a whale with $5.2 million in assets spent $3 million to purchase 17.5 million NEIRO tokens. The purchase made the whale the largest individual holder of NEIRO, further fueling concerns about market concentration and the influence of large holders.
Binance’s announcement of a new contract for the NEIRO token amid ongoing allegations of insider trading and market manipulation is likely to impact the market dynamics going forward.
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