In the biggest gainers and losers list, the uppercase NEIRO has been rising while the lowercase Neiro has been falling, indicating that some people may have received information early and positioned themselves accordingly.

By Joyce

On the evening of September 5th, OKX and Binance successively launched NEIRO contracts, causing the price of NEIRO to skyrocket, with the highest increase reaching 6 times in two days. In an instant, the market value of the "two dogs" that were originally on par changed, with one having a market value of 25 million and the other jumping to 150 million. After collecting information on both uppercase and lowercase Neiro, we can see the dramatic story behind the two "conspiracy groups" and the consensus crisis emerging in the meme field.

Vitalik's popularity + "CTO's ground promotion," Neiro was originally a Nirvana story

Unlike the uppercase NEIRO, which surged at the opening and reached a market value of 10 million in just 1 hour, Neiro opened and plummeted, taking over a week to reach 10 million. Later, NEIRO's market value rose to 290 million US dollars, but it was quickly revealed that 78% of the supply was held by a large number of insider addresses, making it the largest insider trading in the meme community, and then it continued to decline.

The "resurrection" of the lowercase Nerio came from an accident. When the Neiro token was launched, the initial deployment team transferred 17.1 billion Neiro tokens to Vitalik's address, accounting for 4% of the total supply. This marketing method is very common in the meme community, where many meme coin projects or holders will give a portion of the tokens to well-known figures in the crypto community or meme community caller addresses to increase the attractiveness of the tokens, and then promote their holdings in the community to attract other traders to buy the tokens.

On August 4th, the Neiro team "First Neiro on Ethereum" published a tweet promoting themselves, "We are the people's $Neiro, on the people's chain - Ethereum. There's an interesting fact: Vitalik Buterin is currently our largest holder. (4% of the supply, worth about $130,000 at the time of this article's publication)"

This "brushing marketing" tweet did not have much of a positive effect, but on August 5th, Vitalik suddenly sold all the meme coins he had received, exchanging them for 200 ETH, including 17.1 billion Neiro tokens, which were exchanged for 44.4 ETH, directly causing Neiro to plummet by 60%.

Vitalik did not post this message on his own Twitter page, but announced it under the initial official tweet @Neiro_Dog (now deactivated), giving Neiro the label of "personally replied to by Vitalik," which brought Neiro an 800% increase in 4 hours.

Subsequently, the current CTO team of Neiro, @neiroethcto, added a comment under Vitalik's reply, stating that the team that airdropped the tokens for Neiro is no longer operating the project, and the token deployer abandoned the project a few hours after launch, and it is now under community control. However, after the surge brought about by Vitalik's reply, Neiro's decline in the following week exceeded 90%. From August 13th to August 17th, Neiro's increase was nearly 50 times, while NEIRO fell by 44% during the same period, plummeting from its peak to a market value of 34 million.

However, not long after the second reset, materials about the "Neiro ground promotion" began to appear on social media. Many KOLs at the time tweeted that they hadn't seen such a team with vision and a cohesive community in the meme world for a long time.

Neiro has not been listed on a CEX yet, and its Twitter mainly features ground promotion dynamics from various communities and donations to charitable organizations by the CTO team; NEIRO has been listed on Bybit, and its Twitter features collaboration dynamics with various DeFi protocols. In a sense, both of their "community" energies are quite strong.

The market grows wildly, and exchanges act as "referees" for the national football team

However, in this situation, last night, OKX and Binance successively launched NEIRO contracts, causing the price of the "uppercase dog" to skyrocket, with the highest increase reaching 6 times in two days. In an instant, the market value of the two dogs, which were originally on par, changed, with one having a market value of 25 million and the other jumping to 150 million.

What's even more interesting is that in recent days, readers of the Daily Economic News should have noticed that NEIRO and Neiro have been appearing in the daily token gainers and losers list before the official announcement of the NEIRO contract launch, with the former consistently rising and the latter consistently falling. Now, it seems that many people may have already received the news and positioned themselves accordingly.

Last Thursday, Nerio broke through the upward oscillation space, while NEIRO, which had been falling for over half a month, suddenly rose from 25 million to over 60 million in one day. The decline can still be understood as a pullback, as the original manipulative force was not very strong, but the rise is very inexplicable.

After the news of the contract launch, many people's first reaction was: the exchange has acted as the referee for this "meme civil war," and NEIRO has won. Many people in the community have been discussing this matter, and their emotions are mostly incomprehension, helplessness, self-mockery, disappointment, and even anger. These emotions stem not from NEIRO itself, but from concerns about the industry's development trends.

If the profit effect is taken as the ultimate standard, will it be biased to consider the visionary CTO and loyal community as the success code for Neiro? Is a cabal's manipulation always negative? After being exposed, NEIRO was almost halved, but then it tripled to a historic high. How do we explain this rise?

Trends represent everything. Then, if we want to change the title to something like "A meme civil war sparked by a dog named 'ねいろ'," we can focus on the differences between Neiro and NEIRO in their development. This story is very interesting, and the contingency is that if the dog owner had used an English name at the time, there would not have been a dispute over uppercase and lowercase. Behind this is inevitability; memes have long ceased to be a "fair" game, and whether it's internal competition or cabal dominance, without NEIRO, there would be another one.

Last week, the national football team lost 0-7 to Japan, breaking the record for the most goals conceded in a regular match. On Twitter, someone said, "The problem with Chinese football is not the difference between marketization and non-marketization, but the difference in the discretion of the referees and managers of a sport in the absence of supervision. This is a systemic issue." Upon careful consideration, the NEIRO case is essentially the same.

Exchanges do not take sides; exchanges only care about money. People's concerns about NEIRO are about this matter on the exchange, which has brought insider trading/cabal manipulation, which does not conform to the industry's values, to the forefront, and perhaps it will be incorporated into the "fundamentals" of a coin in the future.

What exactly is "fundamentals"? Two months ago, I had a deep conversation with some meme players and briefly wrote about meme gameplay, mentioning topics such as conspiracy groups. People curse the conspiracy groups while making money by tracking their address movements. Perhaps in the eyes of exchanges, "cabal coins" that can attract resources with money are the ones that bring real profits, which is their idea of "community preference."

What's the story with BOME? I've forgotten the name of that NFT artist, but I remember that within three days, it was listed on Binance and the market value exceeded 1.5 billion. My colleague made 50 times profit in just two days with BOME. NEIRO has been on the rise for two weeks after its launch. Will the people who made money during this period also thank the cabal? Binance changed its listing rules in May, not because they discovered that the concept of VC coins was too fake, the FDV was overvalued, and it was all a scam, but because they realized that no one would buy these coins because of those stories from before.

This is not a defense of the cabal and exchanges, but rather a pessimistic view that this trend seems unstoppable. For most ordinary people now, memes may be the only "turnaround" opportunity in this cycle. Just like a few years ago, the entire "coin circle" was the only meaning in everyone's eyes, but when memes also became a track, the emergence of "market makers" was inevitable. There are no new stories in the coin circle.

The consensus dilemma of meme coins

But in the final analysis, whether there is manipulation or not is not very important. I don't believe that the past few super memes did not have manipulation. The rise of memes in this cycle is because of manipulation.

The market cannot create another BOME now, not only because of the lack of liquidity, but also because of the problem with the consensus mechanism. This is the biggest bottleneck I see for the future development of memes: its selling point is personalization, but production is industrialization.

Pumpfun is a turning point. In half a year, memes have shifted from self-created culture to event-driven. This is good, essentially tokenizing events, which is a sustainable path. But the challenge lies in creating consensus, which is the key for memes to break free from PvP.

Now, something happens. First, there is a split on Ethereum and Solana, then there is another split on each chain, and finally the market decides the ultimate leader. During this process, a large amount of liquidity resources are consumed and wasted, giving many people the opportunity for arbitrage and mischief. NEIRO is just the latest example.

I never belittle memes. At the beginning of the year, I was prepared to write an article titled "Every public chain needs a meme market," the main idea being that memes have actually consumed the current block space, pushing other VC stories slightly back. I still believe that memes will be one of the most interesting sectors in crypto in the future. It has the natural ability to generate consensus, which, at its core, is the same as "Bitcoin faith." However, the halo of this consensus-generating ability is being eroded by industrialized platforms. How to solve the dilemma of "same name, multiple coins" will definitely be the biggest issue and opportunity in the future of the meme field.

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