Neiro Ethereum (NEIRO): Community Triumph or Potential Scam?
Kabosu, the Shiba Inu pup whose photo is synonymous with Dogecoin's logo, may have passed on in May 2024, but the dog-themed meme coin movement birthed by this pet dog â which includes popular tokens such as Floki Inu and Shiba Inu â is still very much alive.
Now, Kabosuâs owner recently went on X and posted a new addition to her pet family, a new Shiba Inu dog named Neiro. What followed was a âshill festâ of new meme coins being generated around that name, especially on Solana, with one achieving almost $100 million in market capitalization at one point.
However, despite the flood of Neiro tokens inundating the crypto market, Neiro Ethereum has taken over and is currently leading the charge of these Neiro-themed meme coins.
Letâs learn more.
Key Takeaways:
Neiro Ethereum (NEIRO) is one of the Neiro-themed meme coins that have emerged following an X post by a pet owner whose dog, Kabosu, was synonymous with the birth of the meme coin movement.
Despite some controversy, the meme coin gained over 350% and reached a market cap of over $70 million within 24 hours of launch.
You can buy NEIRO on Bybit DEX, but do practice caution due to the concerns raised over its legitimacy and the resulting scam potential.
What Is Neiro Ethereum (NEIRO)?
Neiro Ethereum (NEIRO) is an ERC-20 meme coin designed around a ten-year-old Shiba Inu, Neiro,, recently adopted by kindergarten teacher Atsuko Sato, whose dog Kabosu became the symbol behind Dogecoin (DOGE) in 2013. The new meme coin, which was created on the Ethereum (ETH) blockchain, is among the many Neiro-themed tokens that have flooded the market.
Shortly after its launch on the Ethereum chain, Neiro Ethereum skyrocketed by over 350% to hit a market capitalization of over $70 million within 24 hours. However, despite the spectacular performance, Neiro Ethereum has faced some skepticism, and some even believe itâs a rug pull.
Launched on Jul 28, 2024, Neiro Ethereum stands out from the flurry of meme coins popping out of the Solana (SOL) ecosystem. Its developer chose to focus on Ethereum users rather than Solana, which attracted a large following.
Neiro Ethereum Tokenomics
The initial total supply of NEIRO is 1 billion, with almost all of those tokens in circulation. According to the tokenâs website, the liquidity tokens have been burned, and you wonât incur taxes when buying and selling NEIRO tokens.
Neiro Ethereum's Controversy
Controversy has been a part of Neiro-themed meme coins from the word go. It started when Sato posted on X that sheâd recently added a Shiba Inu named Neiro to her pet family. Soon afterward, the dog-themed meme coin family flooded her comments section. Tokens were immediately created, with some piling millions in market cap within hours.
However, Kabosuâs owner came forward to clarify that she hadnât endorsed any of these tokens, and that only the original Doge creators had her permission to use her petâs photo for projects.
Furthermore, there are inconclusive reports about the legitimacy of Neiro Ethereum. A blockchain investigator on X known as Wazz has raised some concerns, indicating some red flags and claiming that the Neiro Ethereum project could be a honeypot â a type of crypto scam designed to deceive investors into depositing funds into smart contracts or wallets (which cannot be retrieved thereafter).
Source: x.com/WazzCrypto
Among these concerns are that the token has no known developers, and that the projectâs so-called automated market maker (AMM) function kept shifting the transfer actions and locking out new buyers. (Wazz is known for uncovering the $870,000 hacking of billionaire Mark Cubanâs hot wallets.)
Regardless, NEIROâs community is resilient, and the token keeps increasing its growth.
Where to Buy Neiro Ethereum (NEIRO)
You can buy NEIRO on Bybit Web3 DEX Pro, a sophisticated platform powered by i-SMART technology to ensure a smooth and informed trading experience. Youâll need to have some ETH in your web3 wallet, which you can exchange for NEIRO.
Neiro Ethereum vs. Solana-Based Neiro
Neiro has emerged as a notable meme coin in both the Ethereum and Solana ecosystems, each one with distinct trajectories and controversies. The Ethereum-based Neiro launched first, and has seen significant price fluctuations. Neiro Ethereum has just hit a new all-time high (ATH) price of $0.213 on Aug 2, 2024. Its market cap is now over $200 million, and the token continues to gain traction with increased trading volume and community engagement.
In contrast, there are three Solana-based Neiro meme coins, all with the same ticker, NEIRO. The primary version recently hit a price low of $0.01412, down from its ATH of $0.07868 on Jul 30, 2024. Meanwhile, its market cap stands at $14.2 million, a far cry from its ATH of $76.42 million. This suggests significant volatility and potential investor skepticism. Additionally, the developer of one of the Solana-based Neiro tokens profited $2.85 million from an apparent rug pull, further tarnishing its reputation and highlighting the risks associated with meme coinsâ.
All of these NEIRO tokens strive for legitimacy in the crowded meme coin market, but the Ethereum-based Neiro appears to have a steadier performance while the Solana versions struggle with credibility issues. This ongoing battle reflects the broader competition between the Ethereum and Solana networks, each one vying for dominance in the blockchain space.
Closing Thoughts
Despite these controversies, the recent gains by the various NEIRO tokens show that meme coin culture is still very much alive. Neiro Ethereum has made spectacular gains within hours, due to its zealous community. The token remains one of the trending crypto tokens, and could be on its way to becoming one of the top-ranked meme coins in the crypto world. However, keep in mind that some inconclusive red flags have been raised out there, and itâs advisable to wait a little longer to observe how NEIRO weathers these concerns.
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