Binance, a leading cryptocurrency exchange, announced today the upcoming launch of a NEIROETHUSDT perpetual contract with leverage up to 75x. This move comes despite lingering concerns about insider trading in NEIRO tokens, with a significant portion of the supply allegedly pre-allocated to insiders.
Earlier reports from Bubblemaps revealed that approximately 78% of NEIRO tokens were distributed in advance to a group of insiders, who subsequently transferred the tokens across over 400 wallet addresses. As of August 28, this internal group had reportedly sold roughly $9 million worth of NEIRO.
Following Binance’s announcement of the perpetual contract launch, on-chain analytics platform Lookonchain observed a large whale, with an estimated $5.2 million in assets, purchasing 17.5 million NEIRO for approximately $3 million. This acquisition makes the whale the single largest holder of NEIRO tokens.
Binance’s decision to launch the NEIRO perpetual contract despite the ongoing insider trading concerns raises questions about the exchange’s risk assessment and due diligence processes. The significant whale purchase following the announcement could further fuel speculation about market manipulation and potential price volatility.
