$Neiro memecoin soars amid crypto market downturn

When Kabosu, the Shiba Inu dog that became the face of the legendary "doge" meme, passed away in May 2024, the crypto community mourned the loss of a beloved internet icon. Kabosu’s image had inspired the creation of Dogecoin (DOGE), the oldest and most popular memecoin globally.

Just a couple of months later, on July 28, 2024, Kabosu's owner introduced a new addition to her family on X (formerly known as Twitter) — a 10-year-old rescued Shiba Inu named “Neiro.” The introduction of Neiro quickly gained attention, and soon, Ethereum (ETH), Solana (SOL), and several other blockchains saw a surge in the creation of NEIRO memecoins. This led to a trading frenzy as excited crypto enthusiasts rushed to invest in what they perceived as "the sister of the legendary $DOGE."

Despite the buzz, it's important to note that Kabosu’s owner has not endorsed or associated herself or Neiro with any of the NEIRO tokens that have flooded the market. Yet, the absence of official endorsement has not deterred eager traders from speculating on the potential of these new tokens.

But what exactly is NEIRO? Is it a legitimate investment opportunity, or is it just another scam preying on the popularity of a beloved internet icon? In the article below, we will explore everything you need to know about NEIRO, providing answers to your most pressing questions.

Understanding NEIRO ($NEIRO)

NEIRO ($NEIRO) is a memecoin inspired by the legendary Dogecoin (DOGE) and the new Shiba Inu dog, Neiro, introduced by Kabosu's owner. Among the various NEIRO-inspired tokens that have emerged, Neiro Ethereum (NEIRO) stands out as the largest by market capitalization. In this article, we will focus on this particular Neiro-inspired token.

As the name suggests, NEIRO is built on the Ethereum blockchain. As of August 7, 2024, it has achieved a market capitalization of over $204 million, placing it as the 222nd largest cryptocurrency globally.

Interestingly, on-chain data reveals that Neiro Ethereum was created just 76 minutes after Kabosu’s owner shared the news of her new Shiba Inu dog, Neiro, on social media at 6:03 AM JST on July 28, 2024.

Additionally, according to DEXscreener, Neiro Ethereum had a whitelist in place, meaning certain addresses had exclusive early access to the token before it was made available to the wider public. This likely contributed to the token's rapid rise in popularity.

Over on the Solana blockchain, NEIRO on SOL is the most popular Neiro-inspired memecoin, with a market capitalization of over $12.7 million as of August 7, 2024. This makes it the 876th largest cryptocurrency in the world. 

The rapid rise of NEIRO tokens across different blockchains demonstrates the continued influence of the "doge" meme and the crypto community’s eagerness to embrace new and similar-themed projects.

Is Neiro Ethereum a fraudulent scheme?

When dealing with memecoins, especially those that are trendy, it's crucial to exercise caution due to the high risk of scams and rugpulls. Neiro Ethereum, like many other memecoins, has raised significant concerns about its legitimacy.

Recent reports from Bubblemaps, a token supply auditing tool, highlight some alarming issues with Neiro Ethereum. According to their analysis, the token appears to be “heavily controlled,” with 78% of its total supply being concentrated in a small number of wallets that were acquired right at launch. Furthermore, insiders involved with Neiro Ethereum seem to be liquidating their holdings through a large network of addresses, averaging daily sales of approximately $500,000.

Adding to the confusion, the owner of the famous Shiba Inu meme, Kabosu, has issued a warning to her followers about potential token scams related to her meme. She specifically cautioned against Neiro Ethereum and clarified that she does not endorse any crypto projects aside from her own initiative, Own The Doge. This project, denoted by the token symbol $DOG, involves a fractionalized non-fungible token (NFT) that allows holders to own a portion of the original "Doge" meme image.

In 2021, the iconic "Doge" meme picture was minted as an NFT and auctioned off to PleasrDAO for 1696.9 ETH, which was approximately $4.24 million at that time. The NFT represents ownership of the meme's intellectual property, which was initially owned by Kabosu. This highlights the significant value and authenticity attached to the original meme image, contrasting sharply with the questionable legitimacy of many memecoins circulating in the market.

Did Vitalik Buterin have ownership of Neiro Ethereum?

There has been some confusion regarding whether Vitalik Buterin, co-founder of Ethereum, had ownership of the Neiro Ethereum memecoin. Reports suggest that Buterin was airdropped 17.146 billion NEIRO tokens, which he subsequently sold on Uniswap for 44.234 ETH on August 5, 2024.

However, it’s important to clarify that the tokens involved in this transaction were not the Neiro Ethereum token currently being discussed. The Neiro Ethereum token, which is the subject of this article, has a maximum supply of 1 billion tokens and was trading at around $0.2 as of August 7, 2024. In contrast, the NEIRO memecoin that Buterin sold is trading at a much lower price of $0.0000099.

For those looking to verify these details, you can check the contract addresses on Etherscan for both the Neiro Ethereum token (the largest Neiro-related memecoin by market capitalization) and the token that Buterin disposed of.

Neiro Ethereum tokenomics and market data

Here is a summary of the tokenomics and key market information for Neiro Ethereum, updated as of August 7, 2024.

Neiro Ethereum price performance

Since its launch on July 28, 2024, Neiro Ethereum has experienced a remarkable price increase of approximately 1340%, reaching around $0.2 as of August 7, 2024.

In the past week, Neiro Ethereum has notably diverged from the broader cryptocurrency market trends, posting a significant 175% gain. This impressive performance has positioned it as the leading memecoin globally during this timeframe.

In contrast, the wider cryptocurrency market faced substantial sell-offs in early August 2024. These declines were driven by concerns about a potential recession in the US and the unwinding of the Japanese yen carry trade, which contributed to the overall downturn in the crypto space.

Where to purchase Neiro Ethereum

Neiro Ethereum can be acquired through several platforms. It is available on Ethereum-based decentralized exchanges, including Uniswap, Sushiswap, and 1inch. To purchase NEIRO on these platforms, you'll need a crypto wallet and some ETH to cover gas fees.

Additionally, Neiro Ethereum is listed on several centralized exchanges such as OKX, Bitget, BingX, LBank, Poloniex, MEXC, and BitMart.

As of August 7, 2024, Neiro Ethereum is not available on major exchanges like Binance or Coinbase.

Investing in memecoins like Neiro Ethereum can be tempting for those looking for the next Dogecoin, but it is important to note that such investments carry high risks and can lead to significant losses. The multitude of Neiro-inspired tokens in the market further complicates the investment landscape.

Always conduct thorough research before making any investment decisions. This article is for informational purposes only and should not be considered financial advice.