Ethereum memecoins collided on Sept. 16 as crypto’s largest exchange, Binance, listed Neiro for spot trading, sending the token to new highs.

As previously reported, Binance listed Ethereum’s first Neiro (NEIRO) token, and the memecoin rallied more than 700% in less than 24 hours after weeks of weak price action.

Neiro is a dog-themed meme token centered on Akita Neiro, a Shiba Inu rescue dog adopted by Atsuko Sato. Sato is infamous within crypto circles for owning Kabosu, the late dog that inspired the multi-billion-dollar meme project Dogecoin (DOGE).

After Sato announced Neiro, a flurry of tokens bearing the same name flooded crypto markets on Ethereum (ETH) and Solana (SOL). Two tokens stood out from the pack; both live on Ethereum’s blockchain.

Both memecoins launched in late July and garnered interest based on the “next Dogecoin” narrative. After its developer disappeared, the first Neiro on Ethereum became a community project, with members rallying to organically bootstrap progress.

Another similar token launched on Ethereum and quickly reached nearly $300 million in market cap as whales and heavy hitters from the Shiba Inu (SHIB) community joined in. This NEIRO memecoin secured exchange listings on platforms like Bybit and Binance’s perpetual contracts.

Mixed reactions to first Neiro spot listing on Binance

Binance’s latest listing decision snapped a divide across the broader Neiro community. Users holding Ethereum’s first Neiro token praised the move as healthy for the community.

However, members of the other Neiro faction claimed foul play and manipulation. One user alleged that Tron founder Justin Sun and other insiders were behind the development. Sun was seen “bullposting” the memecoin before Binance announced the spot listing. Bullposting refers to a crypto influencer, usually a founder or top developer, promoting an asset on social media either directly or indirectly.

Observers also noted that an unlabeled address accumulated the first NEIRO token before Binance’s listing announcement. As of writing, the unknown investor boasted over $500,000 in unrealized profits, raising questions about insider information and frontrunning.

Neutrals expressed concern regarding the entire situation and the potential legal repercussions for Binance. Several X users questioned whether the crypto exchange should involve itself in the volatile memecoin market and if its participation created an unfair advantage for certain players.