- Neiro crypto rose by over 150% but has already seen a decline.
- The Solana-based memecoin is now being viewed with suspicion.
As a seasoned crypto investor with a few battle scars from past ventures, I find myself once again treading cautiously in this uncharted territory. The rapid rise and fall of Neiro crypto, a Solana-based memecoin, has me raising an eyebrow. The developer’s questionable actions have set off alarm bells, reminding me of the old adage: if it looks like a duck, swims like a duck, and quacks like a duck, it might just be a pump and dump scheme.
The newly launched cryptocurrency called Neiro Crypto, built on the Solana blockchain, is facing criticism shortly after its debut. Some signs point towards the possibility that it could be a fraudulent project, just hours following its launch.
Neiro crypto developer moves funny
As an analyst, I’ve been closely monitoring the situation with Neiro crypto, a memecoin on the Solana network. Recently, I’ve noticed a rising unease in the data from Lookonchain about the activities of its developer.
It’s said that the developer first bought 97.5 million Neiro tokens with 3 SOL from several wallets. Later, they sold off 68 million of these tokens, earning roughly 15,511 SOL or around $2.85 million.
Furthermore, the developer transferred 10 million tokens to an inactive wallet, thus taking those tokens out of circulation, and kept a total of 19.5 million tokens for themselves.
At press time, these remaining tokens represented an unrealized profit of around $1.8 million.
The sequence of trades observed here suggests a possibility of questionable behavior that often accompanies ‘pump-and-dump’ strategies within the digital currency trading landscape.
Price of Neiro crypto falls
Since its launch on July 29th, as indicated by CoinMarketCap’s data, the value fluctuations of Neiro cryptocurrency have been quite dynamic and unpredictable.
To start with, Neiro was initially valued at roughly 5 cents. However, it saw a significant rise, peaking at almost 8 cents during its market hours.
However, the current trading session has seen a downturn, with the price declining by 10% over the last 24 hours, now trading at approximately $0.04.
Given the latest contentious actions linked to its creator, it’s not surprising that a drop has occurred.
In spite of the decrease in price, the trading volume continues to be significant, surpassing 125 million dollars, and the market capitalization stays above 46 million dollars.
The data suggests a high degree of market interaction, possibly driven by speculation concerning the cryptocurrency.
Solana memecoins continue to grow
Given the growing debates about Neiro crypto, it’s crucial that prospective investors approach with care.
The questionable actions of its creator, such as excessive profits and controlling moves, raise doubts about the authenticity of the cryptocurrency.
As a cryptocurrency analyst, I’ve noticed an increasing fascination surrounding memecoins within the Solana blockchain ecosystem, even amidst the debates and market turbulence surrounding Neiro crypto.
Paying more attention to the Solana ecosystem is boosting its total trading volume, with a generally positive effect.
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2024-07-31 07:04