The developer of the Solana-based memecoin Neiro (@neirosolanaa) has recently profited a staggering $2.85 million, leading to speculations of an apparent rug pull.
www.neiro.lol
The developer initially invested a mere 3 SOL (approximately $552) to acquire 97.5 million Neiro tokens.
This investment proved extremely lucrative when the developer sold 68 million Neiro tokens through multiple wallets, converting them into 15,511 SOL ($2.85 million).
Additionally, he sent 10 million Neiro tokens to a dead wallet, leaving 19.5 million Neiro tokens valued at around $1.8 million as unrealised profit.
Solana-based NEIRO, currently priced at $0.01931, is experiencing a downward slide following its initial surge.
This move has raised concerns and suspicions within the crypto community about the integrity of the project.
Additionally, Solana-based Neiroโs X account was created in December 2023 when the news of Neiro was only announced a few days ago, on 28 July.
Neiro, a memecoin based on Solana, garnered significant attention and investment upon its launch.
Inspired by a new Shiba Inu dog named Neiro, adopted by the owner of Kabosu (the original Doge), the coin quickly captured the imagination of the memecoin community.
Translation:
We welcomed a new family member ๐
Her name is Neiro.
It means "the color of sound."
She is a 10 year old girl who used to be a rescue dog.
Neiro-chan has had many hard and scary experiences over the past 10 years.
It was all sad.
But from now on there will only be happiness and fun.
The beginning of happy days โจ
The excitement surrounding Neiro led to a surge in demand and a substantial increase in its token price.
However, the subsequent actions of the developers, selling a significant portion of their holdings at the market's peak, sparked fears of a rug pullโa term used in the crypto world to describe an exit scam where insiders sell off a large part of their token allocation and exit the project.
The announcement of Neiro's launch led to a flurry of activity on the Solana network.
Hundreds of Neiro or Neiro-themed tokens were issued using Solana's token generator, Pump Fun.
Among these, one token quickly surged to tens of millions in market capitalisation. The fervour around Neiro caused a brief sell-off when traders discovered that another token was actually the first to exist.
This discovery shifted dynamics and led to significant capital allocation and trading of both tokens.
As a result, the cumulative trading volume of these Neiro-themed tokens reached $340 million, propelling Solana to the forefront of blockchain activity with on-chain volumes surpassing those of Ethereum.
The Ethereum version of $NEIRO (@neiro_ethereum) has recently achieved a market cap of over $150 million.
A verified account with 8,340 followers highlights the growing popularity of the Ethereum-based $NEIRO, contrasting with the Solana-based token's different dynamics.
However, this impressive growth is overshadowed by substantial insider control.
As of writing, Neiro on Ethereumโs market cap is $146.1 million higher than the one on Solana.
At launch, 78% of the token supply was sniped and dispersed across numerous wallets, making ownership and profit tracking difficult. Insiders have realised $4.5 million in profits while retaining 66% of the total supply.
$NEIRO on ETH (@neiro_ethereum) is heavily controlled โ ๏ธ
78% of the supply was sniped at launch and spread out among many wallets.
Insiders already made $4.5M and still own 66% ๐งต โ pic.twitter.com/dEwiuE3Gu2<br/>โ Bubblemaps (@bubblemaps) July 30, 2024<br/> a
On 27 July, 80 addresses simultaneously acquired 77.7% of the supply, each limited to approximately 1%.
To evade direct sales and complicate profit calculations, these insiders distributed their tokens across 400 addresses, ensuring no single transaction exceeded $3,000.
Despite these tactics, about 11.7% of the supply, worth around $4.5 million, has been sold, based on an average market cap of $40 million.
Analysis from iCrypto indicates that Wallet 0xfbe1, which bought $50 worth of $NEIRO just hours after its creation, has surged by 2200% and is now valued at $1.1 million.
This wallet transferred tokens to Wallets 0x1935 and 0xb017, which collectively hold a significant portion of the $NEIRO supply.
Despite the concerns over insider control, the Ethereum $NEIRO community is celebrating as the token reaches an all-time high.
Ethereum-based NEIRO is currently trading at a value of $0.1707, and has been consistently moving on an upward trend.
The owner of Kabosu, known on X as @Kabosumama, has publicly disassociated herself from the plethora of Neiro-themed tokens flooding the market.
In a post on X, she clarified,
I see many tokens related to Kabosu and Neiro. To clarify, I do not endorse any crypto project except @ownthedoge $dog because they own the original Doge photo and IP (which I gave to them) and are committed to doing only good everyday, charitable works, and Doge culture. Please watch out for token scams.
This statement highlights the rampant speculation and potential fraudulent activities surrounding the Neiro tokens.
An X user, Antoine Rousseaux, has shed light on the tactics employed by the developer behind the Solana-based memecoin Neiro, who recently made $2.85 million.
According to Rousseaux, the developerโs success was not attributed to luck but to a deliberate and systematic approach. In less than 48 hours, the developer generated over $6 million through a series of memecoin launches.
He meticulously used specific tools for these launches, and an analysis of his past projects reveals a consistent pattern of deceit.
In total, he created 47 memecoin projects over a period of time, all of which turned out to be rug pulls.
The developer created 47 rugpull projects on pump.fun.
The developerโs methodical strategy and the tools employed for these launches have raised significant concerns about the integrity of such ventures.
In a remarkable feat of trading acumen, a crypto trader known as Sundayfunday.sol managed to turn a $2,275 investment into an astounding $2.26 million within just eight hours.
The trader achieved this by purchasing 1DOL, a low-market-cap cryptocurrency, at a low price and selling it at a significantly higher value.
Prior to this, Sundayfunday.sol had established a reputation in the crypto community as a significant participant in the pre-sale of the $BOME token, investing $72,000 to acquire 1.43 billion $BOME.
At its peak, $BOME reached a value of $40 million, and the trader sold some of their holdings for $7.66 million while retaining 894 billion $BOME, valued at approximately $10.5 million.
This latest successful trade has further cemented Sundayfunday.solโs reputation as a skilled trader.
Memecoins like Neiro typically lack intrinsic utility and depend heavily on community support to maintain their value, regardless of who created them first.
The success of such projects hinges on the collective enthusiasm and engagement of their communities rather than any inherent technological or functional merit.
Consequently, the line between a legitimate memecoin and a scam can be blurry.
The actions of the Neiro developer and the dubious activity around Ethereum-based Neiro are not uncommon in the memecoin realm, where quick profits can drive questionable behaviour.
However, this does not inherently doom Neiro to failure.
If the community can rally and sustain interest, Neiro โ especially on Ethereum given its current progress โ might emulate the surprising resilience seen in other memecoins like Dogewifhat (WIF).
Such tokens can achieve unexpected longevity and success, as seen with Shiba Inu (SHIB) evolving into a broader ecosystem and Dogecoin becoming Elon Musk's favourite cryptocurrency, to the point where he even accepts Dogecoin as the only digital payment for Tesla.
Yet, for those wary of high volatility and speculative nature, it may be prudent to observe from a distance or tread carefully.
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