This is a bit embarrassing.

Author: Deep Tide TechFlow

Recently, the on-chain market of the Ethereum mainnet has been quite lively. Just as various new application coins were being hyped, the two-month-long dispute between the uppercase and lowercase of Neiro has taken a new turn.

Yesterday, two major exchanges successively launched contract trading for the uppercase $NEIRO. As soon as the news came out, the uppercase $NEIRO started to soar, with a maximum intraday increase of 200%, approaching an 800% increase from the low point of the price earlier this week. It turns out that before the news came out and before the uppercase $NEIRO experienced a 60%-70% deep decline, it had already risen by 300% in three days, making it quite evident that the price movement, which was manipulated by human intervention, further confirmed the market's view that the uppercase $NEIRO was manipulated by a conspiracy group.

Of course, it's not just the uppercase $NEIRO that's lively. The lowercase $Neiro, which has always been seen as representing the community spirit, plummeted in response to the news on the uppercase $NEIRO on the exchange, halving in price within 20 minutes, while the market value of the uppercase was surging towards $200 million, the lowercase had already dropped to around $9 million.

Coincidentally, just yesterday, I summarized a hot spot on the mainnet in a meme review. The article briefly mentioned that the dispute between the uppercase and lowercase of Neiro was one of the hot topics of the week. At that time, the article was still saying that the outcome was yet to be determined, but as soon as the news about the contract on Binance came out…

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CTO VS Cable, the Dispute between Uppercase and Lowercase Neiro

I remember when this hot topic first appeared, the first reaction was from the Solana chain, known for its fastest PVP speed. A same-named meme immediately appeared on Pump.Fun, and the dispute between the uppercase and lowercase initially erupted on Solana. The deployment time of the two Neiros on the ETH mainnet was also a bit slow.

But as everyone knows, the story later unfolded. Solana's PvP was indeed severe, and liquidity came and went quickly. The heat of Neiro also began to shift to the ETH mainnet, where players' retention was more enduring.

At that time, news of the rise and fall of the uppercase and lowercase Neiro filled various on-chain alerts and data analysis information streams. But as time passed, the trends of the uppercase and lowercase began to gradually diverge.

The uppercase $NEIRO followed the script of the conspiracy group and continued to rise. A week after its launch, on July 31, @bubblemaps tweeted that 80 addresses controlled 78% of the token supply of the uppercase $NEIRO, and the subsequent distribution method was quite professional and meticulous, making it a true conspiracy group.

After the exposure of the conspiracy, the price of the uppercase directly halved. But ironically, the decline lasted for less than half a day, and then for the next ten days, the price of the uppercase rose by 300%. It seems that the identity of the "conspiracy group" is not so easily exposed, but rather more like a positive development.

It wasn't until the internal addresses started selling off that the uppercase $NEIRO began to plummet.

The trend of the lowercase $Neiro seemed more "community-driven."

At the beginning of its launch, the marketing team attempted to promote the token in the same way that $SHIB did by directly sending coins to Vitalik to ride the hype, but the effect was only passable. Later, Vitalik sold all 4% of the supply that the team sent to him, and during this time, the price of the lowercase $Neiro fluctuated.

It wasn't until a large number of grassroots (community) elements intervened that there was a wave of support for the lowercase $Neiro, and the price gradually started to rise, achieving a 40-fold increase in three days. The rising price indeed witnessed the gradual development of the community around the lowercase $Neiro.

Different Voices

As the community's confidence in the lowercase $Neiro gradually solidified, and with the uppercase $NEIRO on a downward trend, it seems that the dispute between the uppercase and lowercase has already had a result, but suddenly the exchange's unreasonable move has left everyone at a loss.

If before, the conflict between the conspiracy group and the community seemed somewhat abstract, yesterday's "up with the big, down with the small" move was a naked display of the reality of the conspiracy group's dominance over the community in front of the entire market.

There was an uproar in both domestic and foreign communities, but different voices also emerged in the discussions.

Viewpoint 1: The exchange is directly siding with the conspiracy group. Where is the spirit of crypto? Disgusting!

The main voice is undoubtedly one of condemnation, with criticism and curses directly flooding the screen: the essence of the dispute between the uppercase and lowercase is the "confrontation between the community and the conspiracy group." Seeing that the confrontation has been quite effective, the exchange directly slapped the "community spirit" in the face. In the future, we might as well not talk about building anything good. Whoever has more money and is more ruthless, I'll play with them. That's just how the industry is.

Viewpoint 2: The community's vision is a bit utopian. After all, everyone is here to make money, isn't it ultimately just PVP?

Who will take over the community construction in the end? It's simpler to make a quick profit with the manipulators. After all, everyone is here to make money, who is more righteous than whom?

The path of the conspiracy group is simple, but the path of the community is long and arduous?

After the ferment of the "up with the big, down with the small" incident, everyone started to make jokes.

Some people's jokes may be genuine ridicule, while others, in the midst of joking, reveal a hint of helplessness.

From the perspective of both the initiators and the participants, the difficulty of community construction should be far greater than that of forming a conspiracy group or conspiring with one. After all, it seems that the conspiracy group only needs to spend money and then act in unison, as they entered with the mindset of reaping profits from the start, making it difficult to truly immerse oneself in it.

And the community, which coalesces consensus through faith and interests, seems inevitably to have to face the question of "how to balance community spirit with real profits." After all, sometimes the conspiracy group really does spend money to drive up prices.

The turmoil caused by the exchange's listing has temporarily brought victory to the conspiracy group, but this does not mean that the market should be this way. Although the conspiracy group's consensus is pure, it is purely for the sake of reaping profits, and in the long run, it does more than a little damage to the ecosystem, as no one wants to keep playing in a market where the conspiracy group always wins. In the end, it may be inevitable to have a bleak ending of "one loss, all lose."

As of the time of writing, the price drop caused by yesterday's news has been largely repaired for the lowercase $Neiro, and it seems that the community has not collapsed due to the exchange's interference. As for what will happen next, whether there will be a wave of retail community resistance like GameStop, or whether the community will persist and then collapse on its own, we certainly cannot predict.

But the stark reality is that the phenomenon of "everyone hates the conspiracy group, but everyone wants to be the conspiracy group" not only exists in memes, but also pervades the entire industry and even human society.

The road to "co-building" is indeed a long one.

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