Original article published on September 7.

BlockBeats Update: On September 16, Binance issued an announcement, announcing that it will launch Neiro (NEIRO), Turbo (TURBO) and Baby Doge Coin (100000BABYDOGE) spot trading pairs and apply seed tags at 18:00 (UTC+8) on September 16, 2024. After the announcement, Neiro quickly rose, with a half-hour increase of more than 680%, and the market value exceeded 116 million US dollars.

So far, Neiro and NEIRO have been listed on the Binance trading platform in the form of spot and contract respectively.

On the evening of September 5, OKX and Binance successively launched NEIRO contracts, and the price of NEIRO exploded, with the highest increase of 6 times in two days. In an instant, the "two dogs" with the same market value, now have a market value of 25M and the other market value has jumped to 150M. After simply collecting the information of uppercase and lowercase Neiro, we can see the dramatic story of the two "conspiracy groups" behind it, as well as the consensus crisis that is emerging in the meme field.

Vitalik's popularity + "CTO push", Neiro is originally a Nirvana story

Unlike uppercase NEIRO, which rose as soon as it opened and reached a market value of 10M in just 1 hour, Neiro collapsed as soon as it opened and took more than a week to reach 10M. Later, the market value of NEIRO rose to 290 million US dollars, but it was soon revealed that the address of the insider accounted for 78%, which was the largest insider in the meme world, and then it fell all the way.

The "resurrection" of lowercase Nerio came from an accident. When the Neiro token was launched, the initial deployment team transferred 17.1 billion Neiros to Vitalik's address, accounting for 4% of the total. This marketing method is very common in the meme community. In order to increase the attractiveness of the token, many meme coin project parties or holders will transfer part of the tokens to famous figures in the crypto community or famous caller addresses in the meme community, and then publicize their holdings in the community to attract other traders to buy tokens.

On August 4, the Neiro team "First Neiro on Ethereum" published a tweet promoting themselves, "We are the people's $Neiro, on the people's chain - Ethereum. Also fun fact: Vitalik Buterin is currently our largest holder. (4% of the supply, worth about $130,000 as of the time of writing)"

This "push-and-pull marketing" tweet did not have much effect on pulling the market, but on August 5, Vitalik suddenly sold all the meme coins he had received before and exchanged them for 200 ETH, including 44.4 ETH in exchange for 17.1 billion Neiros, which directly caused Neiro to plunge 60%.

Vitalik did not post this message on his Twitter homepage, but announced it under Neiro's original official tweet @Neiro_Dog (now cancelled), so Neiro had the label of "Vitalik personally replied to Twitter", and this wave of popularity brought Neiro an 800% increase in 4 hours.

Later, Neiro’s current CTO team @neiroethcto added a comment under Vitalik’s reply, saying that the Neiro team that airdropped the tokens no longer operates the project, and the token deployer abandoned the project a few hours after launching it, and now it has been taken over by the community. But after a wave of increases due to Vitalik’s reply, Neiro fell by more than 90% in the following week. From August 13 to August 17, Neiro rose nearly 50 times, while NEIRO fell 44% during the same period, falling to its lowest point, with a market value of 34M.

Related reading: "Review of Meme New Coin Neiro: Market value of nearly 50 million US dollars in two days, Ansem, the master of leading orders, joins the market to promote"

But not long after the second reset, "Neiro ground promotion" materials gradually appeared on social media. At that time, many KOLs tweeted that they had not seen such a meme with a team structure and community cohesion for a long time.

Neiro has not been listed on CEX yet. Twitter mainly posts ground promotion dynamics of communities in various places and donations made by the CTO team to charitable organizations; NEIRO has been listed on Bybit, and Twitter is about cooperation dynamics with various large and small DeFi protocols. From a certain perspective, the "community" energy of both of them is quite strong.

The market is growing wildly, and trading platforms act as "national football referees"

However, in this situation, OKX and Binance launched NEIRO contracts last night, and the price of "capital dog" exploded, with the highest increase of 6 times in two days. In an instant, the two dogs with the same market value have now a market value of 25M and the other market value has jumped to 150M.

What's more interesting is that readers who have read the Rhythm Evening News in recent days should have found that two days before the official announcement of the launch of the NEIRO contract, NEIRO and Neiro continued to appear in the daily token rise and fall list, with the former rising and the latter falling. Now it seems that many people have already received the news and laid out in advance.

Related reading: "Rhythm Evening News｜A look at the crypto market trends on September 5"

Last Thursday, Nerio fell below the space of oscillating upward movement, while NEIRO fell for more than half a month and suddenly rose from 25M to more than 60M a day. The decline can be understood as a callback. The market maker was not very strong, and the rise was very inexplicable.

After the news of the contract launch came out, many people's first reaction was: the exchange judged this "meme civil war" and NEIRO won. I also saw many people in the community discussing this matter, and they were basically confused, helpless, self-deprecating, disappointed, and even angry. These emotions were not directed at NEIRO itself, but were caused by concerns about the development trend of the industry.

If the money-making effect is regarded as the ultimate standard, would it be biased to identify the pattern CTO and loyal community as the secret of Neiro's success? Is cabal formation necessarily negative? After the inside story was exposed, NEIRO was nearly cut in half, but then it tripled to a record high. How to explain this rise?

The trend represents everything. Then I wanted to change the title to something like "A dog named "ねいろ" caused a meme civil war" to talk about the differences between the two, and focus on the development methods of Neiro and NEIRO. This story is very interesting. There is a coincidence that if the dog owner had sent the English name at that time, there would be no dispute over uppercase and lowercase letters. Behind it is inevitability. Meme is no longer a "fair" way to play. Whether it is involutionary PVP or cabal-dominated, there will be the next NEIRO without this one.

Last week, the Chinese national football team lost 0-7 to Japan, setting a new record for losses in the official game. Someone on Twitter said: "The problem with Chinese football is not the difference between marketization and non-marketization, but the difference in how much discretion referees and managers of a sport have in the absence of supervision. This is a system problem." If you think about it carefully, the NEIRO case is essentially the same.

Exchanges do not stand in line, they only look at money. Everyone's concern about NEIRO is that NEIRO's listing on the exchange has put insider trading/cabal group operations that are not in line with industry values on the stage, and perhaps they will be included in the "fundamentals" of a coin later.

What exactly is "fundamentals"? Two months ago, I had an in-depth chat with some meme players, wrote a brief meme gameplay, and mentioned topics such as conspiracy groups. Everyone curses the conspiracy group while making money by digging their address movements. Perhaps in the eyes of the exchange, "cabal coins" that have money and can pull resources can bring real profits, which is what they see as "community preference".

What is the story of BOME? I have long forgotten the name of the NFT artist. I only remember that it was listed on BN in three days and the market value exceeded 1.5 billion. My colleague made the first 50 times of his entry into the circle in two days by relying on BOME. NEIRO has been pulling the market for two weeks after its launch. Will those who made money during this period also thank cabal? BN changed the listing rules in May, not because it was not until May this year that it was discovered that the concept of vc coins was too fake, fdv was inflated, and they were all plates, but that it would be certain that no one would buy these coins because of the previous stories.

This is not to defend cabal and the exchange, but to pessimistically feel that this trend seems unstoppable. Now for most ordinary people, meme may be the only "turnaround" opportunity in this cycle. Just like the meaning of the entire "coin circle" in everyone's eyes a few years ago, when meme also became a track, the emergence of "market makers" was inevitable. There is no new story in the coin circle.

The consensus dilemma of meme coins

But if you dig deep, it doesn't really matter whether there is a banker or not. I don't believe that there were no bankers in the past few super memes. The rise of meme in this cycle is because of the banker.

The current market can no longer create BOME, not only because there is no liquidity, but also because of the problem of consensus mechanism. This is what I think is the biggest bottleneck for the future development of meme: its selling point is personalization, but production is industrialized.

Pumpfun is a turning point. In half a year, meme has shifted from self-created culture to event-driven. This is good. The essence is to tokenize events, which is a sustainable path. But the difficulty lies in creating consensus, which is the key for meme to get rid of pvp.

Now something is happening. First, there is a disagreement on Ethereum and Sol, and then there is another disagreement on each chain. Finally, the market will decide the final leader. During this period, a large amount of liquidity resources have been consumed and wasted, which has also given many people the opportunity to arbitrage and do evil. NEIRO is just the latest example.

I never belittle meme. At the beginning of the year, I was going to write an article "Every public chain needs a meme market". The main point is that because meme actually consumes the current over-multiplied block space, other vc stories have to be postponed. I still think that meme will be one of the most interesting sectors in crypto in the future. It has a natural consensus-generating ability. This cultural consensus that transcends the mechanism level is essentially the same as "Bitcoin belief", but now the halo of this consensus-generating ability is being eliminated by industrialized platforms. How to solve the dilemma of "multiple currencies with the same name" will definitely be the biggest issue and opportunity in the meme field in the future.

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