- Neiro on Ethereum has already skyrocketed to a $143 million market capitalization, according to data from Coingecko.
This past weekend, the owner of the dog that gave rise to the Doge meme declared she had taken in a 10-year-old Shiba Inu rescue named Neiro, which sparked a virtual civil war. Since then, an Ethereum token has stealthily gained the lead in a fight between two meme coins called Solana, which are modeled after Neiro.
The largest Solana Neiro (NEIRO) token was minted 14 minutes after Neiro on ETH (NEIRO). Neiro on ETH was rather quiet throughout the chaotic war driven by Twitter for cryptocurrency, ending the weekend with a market cap of less than $15 million—less than both Solana coins.
However, with the start of a new week and no obvious winner in the Solana civil war, Ethereum became the new hot spot for meme coin investors.
As of this writing, Neiro’s market capitalization on ETH has increased by 994% since Monday morning, reaching $137 million. Currently, its market capitalization exceeds that of any Neiro coin on Solana, or any other chain for that matter. As attention shifts to the Ethereum token, the two Solana meme coins are currently valued as $30 million and $4.5 million, respectively.
The topic that dominated Crypto Twitter this past weekend was whether or not Neiro on ETH is actually the genuine Neiro token. It’s crucial to keep in mind, though, that none of the Neiro tokens will ever be connected to the dog that inspired their namesake in any manner.
Using Twitter over the weekend, Neiro’s owner, also known as “Kabosumama,” declared that she does not “endorse any crypto project except OwnTheDoge because they own the original Doge photo and IP.” OwnTheDoge is not Dogecoin, which is unaffiliated with Kabosu; rather, it is the project that fractionalized the original Doge photo and created the coin DOG.
As interest in Neiro on Ethereum began to grow, on-chain analysis firm Bubblemaps cautioned investors. The company discovered that, 11 minutes after launch, 80 addresses purchased 78% of the token supply in a single instant.
According to co-founder and CEO of Bubblemaps, Nick Vaiman, this is an obvious instance of sniping, in which insiders bought a significant quantity of tokens prior to the initiative being publicized. However, the connections of the 80 wallets to the Neiro Ethereum token deployer have not yet been confirmed.
A total of $4.5 million worth of Neiro on Ethereum tokens have been sold by the cluster of wallets since debut, leaving 66% of the supply in the wallets. However, other people think it’s okay if the core team purchased these tokens.
Why do these enterprises try so hard to obscure the fact that “supply control is bullish”? Regarding the group of wallets distributing their funds to more than 400 addresses, Vaiman said. Don’t normalize this: Taking 77% of the available supply (is that really necessary?). distributing it among almost 400 wallets. Selling utilizing scripts in thousands of little transactions. distributing sales among a number of controlled and decentralized exchanges.
Owning your supply isn’t intrinsically bad, he said, but these dubious methods are precisely what make new launches so problematic.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
