Dogecoin Owner’s New Dog Neiro Gets Memed, Developer Turns 3 SOL Into $2.85M In Suspected Foul Play

Solana SOL/USD based mostly meme coin Neiro NEIRO/USD has discovered itself on the heart of a brewing controversy, as its developer seems to have made a swift and substantial revenue.

What Occurred: According to on-chain analyst Lookonchain, the developer behind Neiro raked in $2.85 million after changing 68 million Neiro tokens into SOL. The developer thus managed to show 3 SOL into 15,501 SOL.

Such an enormous revenue, realized so shortly, has naturally raised eyebrows within the crypto neighborhood, with many speculating that this could possibly be a basic case of a “rug pull.”

This time period refers to a fraudulent scheme the place mission insiders money out their holdings, leaving traders excessive and dry.

Neiro is a meme coin named after the newly-adopted canine of Kabosu’s proprietor, the canine behind the Dogecoin DOGE/USD meme.

Additionally Learn: University Of Wyoming Launches First-Ever Academic Bitcoin Research Institute

Memecoin Mania Ignites Amidst Controversy

Whereas the Neiro debacle unfolds, the broader meme coin market is displaying indicators of renewed vigor.

Famend memecoin dealer Zack Ventura has suggested that the sector could possibly be on the cusp of a brand new bull run, evaluating present market circumstances to an analogous interval in late 2023.

Regardless of the general market displaying indicators of restoration, not all meme cash are sharing within the positive aspects.

Some, like Solana-based Dogwifhat WIF/USD, have surged, hitting a brand new month-to-month excessive on July 18 after a 41% weekly rally.

This propelled WIF into the highest 50 cryptocurrencies by market capitalization.

Nonetheless, the burgeoning meme coin ecosystem has additionally been marred by controversy.

The current pattern of celebrity-backed meme coins, whereas indicating elevated mainstream curiosity, has additionally tarnished the business’s repute.

Tokens related to the likes of Kylie Jenner, Davido and Jason Derulo have seen precipitous declines, with allegations of insider buying and selling additional eroding belief.

The Daddy Tate DADDY/USD meme coin, backed by the controversial influencer Andrew Tate, has additionally confronted its share of scrutiny, with claims of insider shopping for earlier than the token’s launch.

What’s Subsequent: For additional insights into the affect of meme cash, go to the upcoming Benzinga Future of Digital Assets occasion on Nov. 19.

Learn Subsequent:

Picture: Shutterstock