Memecoins
As Solana Neiro Coins Fight Over, Ethereum Competitor Leaves Them in the Dust
A crypto civil war broke out this weekend after the owner of the dog that inspired the Doge meme announced that she had adopted Neiroa 10-year-old Shiba Inu rescued. Since then, as two Neiro-inspired Solana coins battle it out, an Ethereum token has quietly taken over.
Neiro on ETH (NEIRO) was created 14 minutes after the the largest Solana Neiro Token (NEIRO). As the Twitter-fueled cryptocurrency battle grew chaotic, Neiro on ETH remained fairly quiet and ended the weekend below $15 million in market cap, lower than both Solana coins.
But as the new week began and there was still no clear winner of the Solana civil war, meme coin speculators turned to Ethereum for a new start.
At the time of writing this article, Neiro on ETH has soared 994% since Monday morning to reach a market cap of $137 million. Its market cap is now larger than that of Neiro tokens on Solana, or any chain, for that matter. Meanwhile, both Solana meme coins are sitting at a $30 million And $4.5 million market cap as interest turns to the Ethereum token.
Today, many believe that Neiro on ETH is the real Neiro token, a question that dominated crypto Twitter this weekend. However, it’s important to remember that none of the Neiro tokens will ever be “real” in a way that ties them to the dog they’re named after.
The owner of Neiro, known as “Kabosumama”, took on Twitter over the weekend to state that it does not “support any crypto projects except OwnTheDoge because they own the original Doge photo and IP.” OwnTheDoge is the project that split the original Doge photo and turned it into DOG coin; it is not Dogecoin, which has no official connection to Kabosu.
As Neiro’s popularity on Ethereum began to rise, on-chain analytics firm Bubblemaps issued a warning to investors. The company found that 78% of the token supply was purchased by 80 addresses within the same second, 11 minutes after its launch.
Nick Vaiman, co-founder and CEO of Bubblemaps, believes that this is a “clear case of sniping,” where people with inside information bought large amounts of tokens before the project was promoted. However, there is no confirmation yet that the 80 wallets have any connection to the token deployer for Neiro on Ethereum.
Since its launch, the wallet group has sold $4.5 million worth of Neiro tokens on Ethereum, leaving 66% of the remaining supply in wallets. But some believe that if it was the core team that bought these tokens, it’s not so bad.
“If ‘supply control is bullish,’ why are these projects working so hard to hide it?” Vaiman said, referring to the group of wallets spreading their tokens to over 400 addresses. “Let’s not standardize: snipe 77% of the supply (do you really need that?). Spread it across 400+ wallets. Sell in thousands of small transactions using scripts. Spread the sales across multiple decentralized and centralized exchanges.”
He added: “Owning your own supply is not inherently bad, but these questionable tactics are exactly what is wrong with new launches.”
Edited by Stacy Elliott.