Ethereum-based memecoin NEIRO fell 13% earlier today, losing $17 million in market value after several crypto exchanges removed unauthorized copies of Neiro tokens, which are not the official Neiro token. Concerns about these delistings and confusion regarding the official token added to the drop. NEIRO now trades at $0.000302, down sharply from its peak of $0.17 in August.
Trading volume reached $48 million, according to CoinGecko data, indicating a surge in investor panic. Several platforms cited issues with intellectual property and concerns about liquidity as reasons for the delisting.
Neiro Copycats See an Avalanche of Delisting
Bybit started the trouble in early September by removing Neiro’s perpetual futures contract. On the same day, Crypto.com announced an immediate spot delisting, intensifying market pressure. Binance later confirmed it would also remove Neiro perpetuals by September 26, citing low liquidity and compliance risks with U.S. laws.
The delistings, however, only affected unauthorized Neiro copycats, not the official Neiro token. The official Neiro token is still actively traded on other exchanges such as Binance, OKX, and Bitget, as it is the only memecoin supported by licensed intellectual property (IP). The delisting occurred because the copycats violated the Neiro Community Foundation’s intellectual property rights.
The foundation, which obtained the rights from Kabosu’s owner, Atsuko Sato, sees the move as a success against copycats that could harm community trust. The effort aims to protect its community, uphold Atsuko’s rights, and create legitimacy in a space often troubled by imitation tokens.
In a press release shared with CoinTab News, the official Neiro team confirmed that the copycat delistings came after “formal infringement filings by Neiro’s legal team.”
A Case of Insider Trading?
Beyond the latest developments, recent data indicate that NEIRO has faced significant challenges, including substantial sell-offs, which worry its investors. Trend Research, which owns 67% of NEIRO’s supply, equivalent to 670 million tokens worth $73 million, has moved all of its NEIROETH tokens from its on-chain address to exchanges Gate and Bybit.
This transfer includes 346 million NEIROETH, worth about $14.36 million, which is 34.6% of the total NEIROETH supply. Additionally, on September 4, it transferred 324.7 million tokens, equivalent to 32.4% of the total supply, valued at approximately $22 million, to exchanges. Since the selling of NEIROETH on September 4, its value has dropped to 13%.
Speculations are mounting about possible insider trading, as some transfers occurred just before the news of delisting was released. Exchanges claim this is part of their normal process, but experts believe there are patterns indicating that large sell-offs are linked to approximately 15% of delistings.
Update: This article has been updated to clarify that the delistings affected only Neiro copycats. The official Neiro token is still being actively traded on exchanges.
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