Binance has listed 3 new memecoins: First Neiro on Ethereum (NEIRO), Turbo (TURBO), and Baby Doge Coin (1MBABYDOGE) for trading today. The exchange has marked them with a “seed tag” to indicate their new, high-volatility status.
The memecoin market is down 4% in the last 24 hours as per CoinGecko data. However, the new launches seem to be trending with Baby Doge up 50%, Neiro down 30%, and Turbo up 12% at the time of writing.
Binance lists Neiro, Turbo, and Baby Doge memecoins
Binance opened spot trading for First Neiro on Ethereum (NEIRO), Turbo (TURBO), and Baby Doge Coin (1MBABYDOGE). All 3 new memecoins launched on September 16 at 10:00 UTC.
Binance Will List @neiroethcto $NEIRO, @TurboToadToken $TURBO and @BabyDogeCoin $BABYDOGE with Seed Tag Applied.
Read more 👉 https://t.co/cwaNCfaAS7 pic.twitter.com/7gvibLZYQ0
— Binance (@binance) September 16, 2024
The exchange will offer trading pairs of NEIRO/USDT, TURBO/USDT, and 1MBABYDOGE/USDT. These tokens are marked with a “seed tag” that indicates newer, high-risk projects with potentially volatile prices. Under the category, users have to complete a quiz every 90 days to acknowledge the exchange’s terms and conditions. Binance will allow withdrawals from these trades from September 17.
In the last 24 hours, the memecoin market has been in the red with CoinGecko reporting a 4% decline. The meme market cap is above $41 billion at press time, with Neiro on ETH down 30%. Turbo and Baby Doge are both trading in the green with the former up 12% and the latter up 50%.
The market cap of Neiro on ETH is close to $90 million, Baby Doge is hovering in the $230 million range and Turbo is inching towards $300 million. Exchanges list memecoins with the hope of capitalizing on the investor interest and large trading volume of coins in this category.
In Q2 2024, Binance dominated around 44% of the total CEX spot trading market share. Bybit and Gate followed in spots 2 and 3 on CoinGecko’s research report.
Memecoin frenzy settles on Solana and Tron
The memecoin market is largely mute even as new tokens launch. The market cap of memecoins on Solana has lost close to 6% in just 24 hours. Memecoins on the Tron network have lost almost 11% over the same period.
All 3 newly listed memecoins are on Ethereum. Additionally, Turbo is on Solana while 1MBABYDOGE is on BNB.
Dogecoin remains the largest memecoin in the overall market, with a market cap of under $15 billion. Shiba Inu and Pepe follow. Dogecoin is the 9th largest crypto while SHIB and PEPE are in the 16th and 31st spots on CoinGecko. They are not close to DOGE in terms of market cap and trading volumes. SHIB has a market cap of under $8 billion while PEPE has surpassed only $3 billion.
