Memecoin NEIRO Soars 110% After Listings on Binance and OKEx

The NEIRO memecoin emerged in August and was one of the most valued coins of the month. And this Friday (06), the memecoin surprised again and rose 110%, according to data from CoinGecko.

Despite the bearish market trend, NEIRO surged after exchanges Binance and OKEx announced the listing of memecoin perpetual contracts on their platforms. In both cases, the contracts will be made in Ethereum (ETH).

Binance listing doubles NEIRO

According to Binance, the new NEIROETH contract offers traders up to 75x leverage and is part of the exchange’s efforts to diversify its trading options and enhance the user experience on its futures platform.

The listing took place this Friday (06) and customers can now trade the contracts on the platform. They will be able to operate them 24 hours a day and use the “multi-asset” mode, which has been a significant factor in the increase in trading volume and the subsequent price increase of NEIROETH.

Additionally, the NEIROETHUSDT perpetual contract specifications include a minimum contract size of 0.0001, which allows for the purchase of micro contracts. The contract funding rate is +2.00%/-2.00%, with funding rate settlements occurring every four hours.

These features aim to provide traders with an attractive opportunity to leverage market movements in favor of NEIROETH.

Simultaneously, OKEx has started listing NEIROETH perpetual futures, along with contracts for two other memecoins: BRETT and CAT. This expansion offers a different set of features for its perpetual futures, including a leverage range of 0.01-20x and a unique funding rate mechanism.

Furthermore, this mechanism calculates rates based on the average of the best bid and offer compared to the spot index price, with an interest clamp between -0.75% and 0.75%.

NEIROETH/USDT perpetual futures on OKEx are expected to attract significant trading volume and drive the price of NEIRO higher, given the flexible trading conditions and lower barriers to entry in terms of minimum leverages. These conditions cater to both conservative traders and those seeking higher risks and rewards.

Market implications and future prospects

NEIROETH’s dual listing on Binance and OKEx reflects the growing interest of traders in the memecoin. When interest increases, traders typically demand leverage instruments to increase their gains.

On the other hand, the inclusion of futures on Binance and OKEx almost always increases the price of memecoins. This was indeed the case with NEIRO, which despite facing scrutiny after recent internal liquidations, saw its price rise 110% after the exchanges’ announcements.

At the time of writing, NEIRO’s price reached a high of $0.1496. Its market cap has also increased by over 100% to $149,579,946, with trading volume also showing a 100% increase.

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