Key Takeaways
- Solana’s DEX buying and selling quantity surpassed $2 billion attributable to Neiro memecoin buying and selling.
- A number of Neiro variants have emerged, resulting in debates over the genuine model.
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Solana’s decentralized exchanges (DEXs) are stealing the highlight, with buying and selling volumes that might make even Ethereum blush. What’s behind this sudden surge? It’s all in regards to the canine – or one explicit Shiba Inu, to be exact.
Solana’s DEX buying and selling quantity hit a whopping $2 billion within the final 24 hours, in response to DefiLlama information. That’s greater than Ethereum, its military of layer 2 networks, and BNB Chain mixed – a primary for Solana.
The catalyst for this buying and selling frenzy? A brand new memecoin known as Neiro that has degen hounds salivating. Neiro is one more dog-themed token, following within the pawprints of Dogecoin. However there’s a twist – the Shiba Inu behind this meme is apparently owned by the identical one that owns the canine that impressed Dogecoin.
As with every viral meme within the crypto world, Neiro’s recognition spawned a litter of copycat tokens on Solana. The buying and selling quantity for these Neiro-inspired cash has surpassed $1 billion, Dexscreener information exhibits.
However right here’s the place it will get difficult: which Neiro is the “actual” Neiro? There are a number of tokens buying and selling below that title, with the highest canine boasting a market worth of $58 million, adopted by one other value $13 million.
The talk over authenticity has sparked controversy within the Solana neighborhood. Some eagle-eyed traders seen that one variant’s contract tackle ends with “pump,” indicating it was created on Pump.enjoyable, a preferred Solana memecoin generator. This led some to dismiss the opposite variant as a copycat, although its supporters have dubbed it “Lab Neiro.”
Is the Neiro meme coin a rug pull?
Including to the confusion, each tokens are listed on CoinGecko, with Lab Neiro commanding a market dimension 4 occasions bigger than the so-called “True Neiro” created on Pump.enjoyable.
The Neiro meme didn’t cease at Solana’s borders. It additionally made its strategy to Ethereum, however with a sinister twist. The Ethereum model turned out to be a traditional “honeypot” rip-off – a token that may be purchased however not bought, besides by its creators. This fraudulent token managed to succeed in a market worth of $50 million earlier than being uncovered.
Based on current stories, the unique Neiro developer has cashes out $2.85 million in potential rug pull. The Neiro developer turned a modest 3 SOL (about $550) right into a 5,169x revenue. Blockchain sleuth Lookonchain broke down the developer’s strikes in a July 28 X submit:
“He bought 68M $Neiro for 15,511 $SOL($2.85M) by way of a number of wallets, with a realized revenue of 15,508 $SOL($2.85M). […] He additionally despatched 10M $Neiro to the lifeless pockets, leaving 19.5M $Neiro($1.8M), with an unrealized revenue of $1.8M!”
For these not versed in crypto lingo, this sample of conduct – the place insiders quietly unload a big chunk of their tokens and vanish into the night time – is what’s often called a “rug pull.”
However whereas Neiro holders may be feeling the sting, the broader memecoin sector appears to be gearing up for its subsequent second within the highlight. Memecoin dealer Zack Ventura suggests we may be on the cusp of one other bull run for these playful tokens.
“This index is the highest memecoins towards Bitcoin, tracing again from December 2023. Subsequent leg up memecoin season is loading,” Ventura claimed.
Whereas memecoins don’t at all times transfer in lockstep, some are already reaching for the celebrities. Take Dogwifhat (WIF), as an example. This Solana-based token lately hit a month-to-month excessive after a 41% weekly rally, catapulting it into the highest 50 cryptocurrencies by market cap.
For Solana, this memecoin mania has propelled its DEX volumes to new heights, showcasing the community’s potential to deal with high-volume buying and selling. It additionally exhibits the necessity for warning in a market the place a canine meme can change into a multimillion-dollar phenomenon in a single day.
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