Trader Turns $16.5K into $1.8 Million on NEIRO

‍

Forty-nine days ago, Ethereum trader (0x6ac) acquired just over 4.5B tokens of the dog memecoin, NEIRO , using 4.9 ETH (~$16.5K). The purchase came shortly after the launch of the token just two days prior to their purchase. Since then, 0x6ac has acquired another ~500M NEIRO tokens, placing their total position at 4.55B tokens. With the recent Binance listing of the NEIRO token, its token price has surged over 10x in a single day to a current market capitalization of $350M. The move has also pushed 0x6ac’s position to a current value of $3.5M or a single day gain of over $3M.

‍

The listing of NEIRO took most speculators and traders by surprise, with many questioning the rationale for the decision behind the spot listing, with NEIRO trading around a relatively small market capitalization of $16M before the announcement. Additionally, Binance had just listed the NEIRO on ETH token (NEIRO) on perpetual contracts on the platform just one week prior. This meant that Binance had now listed two separate NEIRO tokens, which was likely to confuse traders on the exchange.