- About 78% of $NEIRO tokens were distributed to insiders before its launch, with $9 million sold as of August 28, raising concerns about market manipulation.
- Binance Futures launched a USD-margined NEIROETH perpetual contract offering up to 75x leverage and 4-hourly funding settlements.
- NEIROETH contract allows for high-leverage trading, but insider trading concerns surrounding NEIRO tokens may affect its price stability.
Recent insider trading allegations have put the NEIRO token under scrutiny. According to Bubblemaps, approximately 78% of NEIRO tokens were distributed to insiders before its public release.
These tokens were spread across over 400 wallet addresses, and as of August 28, insiders had reportedly sold about $9 million worth of NEIRO. This has raised concerns about market manipulation and the token’s future stability.
Binance Futures Launches NEIROETH Perpetual Contract
Despite the ongoing controversy, Binance Futures introduced its USD-margined NEIROETH perpetual contract on September 6, 2024. The contract allows traders to leverage up to 75x on NEIRO’s price movements, offering a highly volatile and potentially profitable trading experience. Binance’s Multi-Assets Mode supports the contract, enabling users to trade with various margin assets, including Bitcoin.
Funding fees for the contract are settled every four hours, and the maximum funding rate is capped at ±2%. This contract is designed for experienced traders who can navigate the market’s volatility, particularly in light of the insider trading issues surrounding NEIRO.
Market Reaction and Outlook
Traders have expressed caution given the recent insider trading reports. With a large portion of the token’s supply concentrated in the hands of a few, NEIRO’s price stability is under question. However, the launch of the NEIROETH contract still presents opportunities for high-risk, high-reward trades.
While the Binance Futures NEIROETH contract offers new trading opportunities, the insider trading allegations around NEIRO raise concerns. Traders should take caution and carefully consider the potential risks associated with the token’s future performance.
The post Insider Trading Allegations Surround NEIRO Token Amid Binance Futures Launch appeared first on Crypto News Land.
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