Uppercase or Lowercase: Where Does the Community Find Its Flow?

CoinW Exchange
5 min readSep 28, 2024

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Whether it’s a bull or bear market, Meme coins keep making waves. No matter the trend, Elon Musk keeps coining new terms. From Dogecoin’s breakout and the Memecoin frenzy that led to the animal token boom in 2021, to the hottest Mars-themed Meme coin after TOKEN2049, the Meme sector has officially surpassed VC coins and NFTs, becoming the star of the moment.

But things are never perfect. The debate over Neiro’s capitalization rages on, dragging exchanges and key opinion leaders (KOLs) into the debate. At the core, a struggle between the community and market makers is emerging. VCs may back away from infrastructure, but they’ll never walk away from profitable opportunities.

On July 29, 2024, Neiro made its debut on CoinW, using a fair launch mechanism, with a total supply of 999,998,390 Neiro tokens. This marked a new stage in the evolution of Meme coins.

The Debate Over Neiro

The debate surrounding Neiro’s capitalization is focused on whether the name should be uppercase “NEIRO” or lowercase “Neiro.”

According to CMC data, the first listing on a centralized exchange (CEX) was for the uppercase “NEIRO.” Soon after, the lowercase “Neiro” followed with both spot and futures listings.

This ignited a conflict — two tokens with different capitalization. Some users argue that the uppercase “NEIRO” is the more legitimate option, while others support the lowercase “Neiro,” seeing it as representing decentralized community power.

This debate extends beyond just technical or naming issues — it reflects internal community divisions and differing stances on the role of exchanges.

The Spirit of the Community in Lowercase Neiro

The essence of the community spirit is best reflected in lowercase Neiro, and its roots go back to the token’s origin. On July 28, 2024, Kabosu, the owner of the original Doge, announced the adoption of a new Akita Inu named Neiro.

This event became the starting point for the creation of Neiro tokens, deeply tied to Meme culture. Since the original Doge passed away on May 24, Neiro, in many ways, is seen as the rightful heir to the Meme coin throne.

From the beginning, Neiro quickly gained market attention and traction. As mentioned, when Neiro first launched, 17.1 billion NEIRO tokens were sent to Vitalik Buterin’s wallet, representing around 4% of the total supply. This action led to a rapid price surge, and Neiro’s market cap soared to an impressive $18 million in a short span.

The Battle Over Capitalization

Despite Neiro’s position as a rightful heir, major exchanges were quick to list the uppercase “NEIRO” token. Typically, Meme coins do not have strict issuance or management teams, and it’s common for the same-named tokens to exist on different chains. However, this “gentleman’s agreement” not to conflict within the same chain was broken by NEIRO.

What’s even more interesting is that the leading exchanges chose to list uppercase NEIRO first. From the community’s perspective, although some users voiced dissatisfaction with the exchanges’ actions, many were still drawn to NEIRO by the prospect of profits. This suggests that part of the community favors uppercase NEIRO.

However, lowercase $Neiro saw a significant price surge after its listing, showing strong community support for the lowercase version.

Community Influence on Exchange Decisions

The power of the community is evident in its impact on exchange decisions. For instance, in response to listing disputes, several exchanges stated that they would consider the community’s voice more carefully, leading to the listing of smaller, lesser-known MEME tokens. This shift shows how influential community feedback has become in shaping exchange strategies.

Overall, the community’s stance on the Neiro capitalization battle is diverse, with some supporting uppercase NEIRO and others rallying behind lowercase Neiro. Despite the tension, both uppercase and lowercase Neiro have thrived in their own ways.

The Future of Meme Coins

While the Neiro debate has temporarily subsided, the future of Meme coins remains uncertain. People may have turned their backs on VC coins and NFTs, but behind the scenes, market makers (MMs) still play a pivotal role, no matter the type of on-chain asset. Market makers are indispensable for liquidity.

According to online information, SunPump and DWF Labs partnered to boost SUN’s liquidity, causing the price to spike by around 8% within 24 hours. The DEX market isn’t necessarily more transparent than CEXs — DEX trades are often easier to track.

It’s a common misconception that market makers like DWF Labs operate only on CEXs. In reality, market makers have a long history of providing liquidity on DEXs, particularly order book-based DEXs. From the beginning of DEXs, market makers have been there to support them.

Take Pump.Fun as an example. Andrei Grachev, a partner at DWF Labs, noted that meme coin issuance platforms like Pump.Fun and SunPump, which are mostly retail-driven, require operational support to thrive.

Moreover, institutional investors are gradually entering the Meme coin space. On June 17, 2024, U.S.-based asset management firm VanEck launched a Meme coin Index Fund, drawing considerable attention from institutional players.

However, the community spirit remains the bedrock of Meme coins, as seen in the Neiro case and throughout Meme coin history.

The Strength of Community Spirit

Historically, the success of Meme coins has largely relied on strong community support and active social media engagement. This community-driven growth model not only sustains interest in tokens during market downturns but also stabilizes and even increases token value through long-term holding.

After Musk introduced the concept of a city on Mars, a new capitalization debate emerged between Terminus and TERMINUS. $Terminus is a Meme coin inspired by Elon Musk’s plan to name the first city on Mars “Terminus.”

On September 22, 2024, the token’s price broke through $0.10, with a staggering 1,079% gain in 24 hours, bringing its market cap to about $10.71 million. Soon after, it was revealed that a trader had spent just $135 on TERMINUS tokens on September 8 and earned a 920x return in a short time, sparking a new wave of wealth growth and legitimacy debates.

This is both the best of times and the worst of times. Before we set foot on Mars, we’ll need to figure out which Meme coin truly represents it.

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