New memecoin craze propels Solana’s daily volume to $2 billion, eclipsing major rivals – DL News

• Solana’s 24-hour transaction volume has surpassed Ethereum and its layer-2 networks.
• Cryptocurrency traders flock to hot memecoin on Solana.
• Bad actors have taken advantage of the memecoin frenzy to siphon funds from unsuspecting investors.

Memecoin trading on Solana is booming again.

Trading volume on Solana’s decentralized exchange — or DEX for short — hit $2 billion in the past 24 hours, according to DefiLlama data watch.

This figure is higher than the DEX trading volume recorded during the same period on Ethereum and all its many layer-2 networks, as well as BNB Chain combined – a first for Solana.

Much of Solana’s frenzied trading on Sunday was driven by Neiro, a trendy new memecoin token that has gone viral among those logged into Crypto Twitter.

Neiro is a dog-themed memecoin, similar to the popular Dogecoin. It is related to Dogecoin in that the real-life Shiba Inus that inspired the memecoins are possesses by the same person.

The popularity of the Neiro meme led to the launch of several copycat tokens on Solana.

Trading activity on these Neiro coins exceeded $1 billion at the time of reporting, data from Dexscreener shows.

Can the real Neiro stand up?

When a memecoin becomes popular, many others with the same name quickly multiply. Neiro is therefore the name of several tokens traded on Solana, the largest of which has a market value of $58 millionfollowed by another value $13 million.

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The question of what the real Neiro token is has sparked much controversy, whether such an epithet is even possible in a market where tokens can be created without asking anyone’s permission. The dog, or his owner, ultimately did not endorse any of the memecoins.

Sharp-eyed investors noticed that the contract address of one of the variants finished with the suffix “pump” meaning it was created on Pump.fun, the popular Solana Memecoin Generator.

As such, the other variant was dismissed as a copycat by investors who sided with the token created by Pump.fun, but its supporters call it “Lab Neiro.”

Both are listed on CoinGecko but Lab Neiro has a market size four times larger than the so-called True Neiro created on Pump.fun.

The Neiro meme also spread to Ethereum, but this came up with a common scam known as honeypots, where tokens can be bought but cannot be sold, except by developers. The token builds on the honeypot mechanism, as verified by DL Newsreached a market value of $50 million.

Osato Avan-Nomayo is our DeFi correspondent based in Nigeria. He covers DeFi and technology. To share tips or information on articles, please contact him at osato@dlnews.com.

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