Ethereum's Neiro surges—Is the new meme favorite a pump-and-dump?
TechFlow Selected TechFlow Selected
Ethereum's Neiro surges—Is the new meme favorite a pump-and-dump?
Neiro, a meme token on Ethereum, has become the top-performing asset.
Navigating Web3 tides with focused insightsAuthor: Wu Tianyi, DeThings
In early September, Bitcoin (BTC) dropped to $53,000, its lowest level since August 7, while the Nasdaq 100 Index, Dow Jones Industrial Average, and S&P 500 Index all fell more than 1%. Shares of popular tech companies such as Tesla and Nvidia declined over 5%.
On the other hand, Neiro—the meme token on Ethereum—emerged as the top-performing asset. Its token surged over 100%, reaching a high of $0.176, the largest gain since August 5. NEIRO is the name of the rescue dog recently adopted by the owner of Kabosu, the late Shiba Inu who was the original Doge meme. The name has been embraced by various MEME coin projects. The Ethereum-based Neiro (NEIRO) launched just 14 minutes after the Solana Neiro (NEIRO) token. However, no NEIRO tokens are officially connected to the actual rescue dog.
No Neiro token can be considered "authentic" enough to establish any real link to the dog it's named after.
The owner of Neiro, known by the nickname "Kabosumama," stated over the weekend on Twitter that she endorses no cryptocurrency projects other than OwnTheDoge, which holds the original Doge photo and intellectual property rights.
This week, according to crypto.news, the Ethereum-based meme token Neiro surged over 538% from its lowest point, achieving a market capitalization exceeding $147 million. As the token rapidly gained traction on social media, becoming the most shared token on X, its price rose accordingly.
About a month ago, the NEIROETH team orchestrated a promotional stunt by sending over 17 million newly minted tokens to Vitalik Buterin’s wallet. True to form, Buterin promptly sold the received tokens for 32 ETH.
The surge in Neiro on Ethereum also followed Binance's launch of USD-margined perpetual contracts. Data compiled by CoinGlass shows that the token’s open interest soared to a record $35 million. Most of this open interest originated from Bybit, suggesting the figure could grow further once Binance fully integrates the product.
However, Neiro’s rally appears unstable. While listings on major exchanges like Binance often lead to increased activity post-listing, these rallies tend to be short-lived as markets adjust to the new normal. For example, Pyth Network surged after its February listing on Binance but has since fallen to an all-time low this month. Another risk lies in Bitcoin potentially forming a death cross pattern, which could trigger broader declines. When Bitcoin underperforms, most altcoins typically follow downward.
Most concerning, however, are allegations of insider pre-mining. Blockchain analytics platform Bubblemaps reported that approximately 78% of NEIRO tokens were pre-allocated to insiders. These tokens were then distributed across more than 400 wallet addresses. By August 28, this insider group had already sold around $9 million worth of NEIRO.
Some wallets communicating with exchange contracts began increasing their holdings. These wallets both bought and sold NEIRO, artificially influencing market prices. One buyer spent $3 million to acquire 17.5 million NEIRO, becoming the largest individual holder. Whale activities mirror the initial price movement of the Solana version of NEIRO. One internal wallet used just 3 SOL to trade into the new meme token, turning it into 15,508 SOL.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@DethingsNews
