Memecoins
Coin Drama Erupts Over New Shiba Inu Neiro, Owner of Dogecoin Puppy
Kabosu, the Shiba Inu dog who inspired the original Doge meme, died in May—but his legacy lives on in the crypto world as the inspiration behind the leading meme currency Dogecoin and a slew of spiritual successors. Now, Kabosu’s owner has adopted a new dog, and the rush of cryptocurrency users to capitalize on the opportunity is causing a whole lot of drama.
Saturday, Kabosu’s owner announcement that she had adopted Neiro, a 10-year-old Shiba Inu. Soon, all hell broke loose on Crypto Twitter after several tokens were created with Neiro’s name on them. But which one is the real Neiro coin?
In reality, there is no official token. Neiro’s owner, who goes by the alias “Kabosumama,” stated on Twitter that she does not “support any crypto projects except OwnTheDoge, as they own the original Doge photo and IP.” OwnTheDoge is the project that split the original Doge photo and turned it into a DOG coin; it is not Dogecoin, which has no official connection to Kabosu.
Despite this lack of connection, a series of Neiro tokens were launched on Solana, with one reaching $89 millions of market capitalization just three hours after the dog was first shot shared with the world via Twitter.
As the token surged on Saturday, an undercurrent of Crypto Twitter users began sounding the alarm that the token in question was not the real Neiro Token. Instead, they thought another coin, with the same name and symbol, was the real token because it was launched an hour before the coin itself is worth nearly $90 million.
Pseudonymous crypto influencer and renowned meme coin trader Ansem spoke on Twitter to explain that he assumed the “new Doge” would have a market capitalization of over $100 million, later linking to the token with the largest market capitalization. It was at that time that “first” Neiro The coin was just under $4.5 million, and the other token was near $90 million.
Ansem then spoke out on a Twitter Spaces hosted by the creators of the first Neiro coin, which some traders apparently took as an endorsement of the influencer. However, Ansem claimed that he I had not purchased either tokenexplaining that he would stay away from the chaos and invest once the market had picked a winner.
However, during Twitter Spaces, market sentiment began to shift. The first Neiro coin soared to a market cap of nearly $20 million, while the nearly $90 million token plummeted to $23 million.
It was neck and neck. A crypto civil war had broken out over the new trendy cryptocurrency.
Some Crypto Twitter users criticized Ansem, blaming him for being responsible for moving other traders’ funds from the largest meme coin to the seemingly earlier Neiro token.
“[Ansem] “He’s facing it because he didn’t get access to the real NEIRO,” one Twitter user said. said“Ansem is an existential threat to Crypto Twitter,” another published. Ansem was the target of increasingly bitter attacksAnd later claimed that he had received death threats because of his involvement.
Over the next day, the two important Neiro tokens flipped several times.
During this period, Ansem takes the position that the later token was the real Neiro according to him; at the time, its market cap was $62 million, while the first Neiro was worth $22 million. Over the next five hours, the Ansem-backed token fell 58% and positions were traded again.
But it wasn’t just the two tokens mentioned that were launched. Countless other Neiro coins were launched, as well as a huge amount of Neiro-derived tokens, including Neiro Inu (NINU), Neiro’s Buttocks (NEIROBUTT) and Wif Neiro Glasses (NWG).
During the chaos, Neiro-inspired Solana coins collectively generated more trading volume on decentralized exchanges (DEX) than the total trading volume on an individual Ethereum Layer 2 scaling network, according to SolanaFloor.
The dust has settled, the Ansem-endorsed token has a market cap of $71 million at the time of writing, while the “first” Neiro coin has fallen to around $12 million. But Crypto Twitter continues to argue and fight over which Neiro is the real one.
One party that ultimately benefits in both cases is Raydium, the Solana DEX that saw the bulk of the weekend’s volume: $2.5 billion was processed in volume between Saturday and Sunday, with Sunday’s total of $1.37 billion being the best day of July so far.
Edited by Andre Hayward
The views and opinions expressed by the author are provided for informational purposes only and do not constitute financial, investment or other advice.