Neiro, a new dog-themed meme coin inspired by Kabosu owner’s new dog, has surged to a $200 million market cap in just four days. Despite initial excitement, insider trading allegations have raised concerns about the token’s sustainability.
Points
- Neiro, a dog-themed meme coin, reaches a $200 million market cap in four days.
- Inspired by Kabosu owner’s new dog, Neiro, following Kabosu’s death.
- Ethereum-based Neiro outperformed its Solana counterparts.
- Insider trading allegations against the token’s developers.
- Investors remain bullish despite controversy.
A new dog-themed meme coin, Neiro, has taken the crypto market by storm, reaching a $200 million market cap in just four days. Inspired by Neiro, the new dog adopted by Kabosu’s owner, this token has generated significant excitement among investors and the crypto community.
Kabosu’s Sister Sparks New Memecoin Wave
Kabosu, the dog behind the legendary Doge meme, passed away in May. Following this, Kabosu’s owner announced the adoption of Neiro, a 10-year-old rescued Shiba Inu dog. This announcement led to the launch of several Neiro-inspired tokens, primarily on the Solana blockchain.
The largest Solana-based Neiro token initially reached a $100 million market cap on its first day. However, it quickly plummeted by over 80% to below $20 million, likely due to an overabundance of Neiro tokens on the chain. The token faced criticism after reports of alleged insider trading by the developers, who controlled 6% of the token’s supply and sold it for $5.7 million.
The Ethereum-based Neiro, however, stole the spotlight with its stellar performance. The token surged by 4,400% since its creation on July 27, reaching a new all-time high （ATH） price of $0.20 and a market cap of $200 million on August 1.
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Insider Trading Allegations and Market Reaction
Despite its rapid growth, the Ethereum-based Neiro has also faced allegations of insider trading. Blockchain data firm Bubblemaps reported that 78% of the token’s supply was sniped at launch and distributed among 400 wallets, with 12% of holdings, worth approximately $4.5 million, sold by July 30.
While these allegations raised concerns, many investors remained unfazed, viewing the report as “bullish news.” Some expressed excitement about the firm’s “fudding,” with comments like, “A lot of the most successful memes require supply control.”
Investors continue to believe in the potential of Neiro, with some stating, “the dog days are back” and “the Doge legacy continues” with the Ethereum-based memecoin. As of this writing, Neiro is trading at $0.18, marking a 63% surge in the last 24 hours.
解説
- The rapid rise of Neiro highlights the speculative nature and volatility of meme coins in the cryptocurrency market.
- The influence of social media and community-driven hype plays a significant role in the initial success of such tokens.
- Insider trading allegations underscore the need for transparency and caution when investing in newly launched tokens.
- The enthusiasm of investors despite controversies reflects the strong emotional and speculative appeal of meme coins.
- The legacy of Doge and the cultural impact of meme coins continue to drive interest and investment in this niche of the crypto market.