- Solana’s 24-hour transaction volume exceeds that of Ethereum and its Layer 2 networks.
- Crypto traders are flocking to the hot memecoin on Solana.
- Bad actors are taking advantage of the memecoin craze to siphon funds from unsuspecting investors.
Memecoin trading on Solana is busy again.
Data from DefiLlama shows that Solana's decentralized exchange (DEX) trading volume reached US$2 billion in the past 24 hours.
This figure exceeds the combined DEX volume recorded by Ethereum, all of its layer 2 networks, and BNB Chain during the same period — a first for Solana.
Solana’s frenzy of trading on Sunday was largely due to Neiro, a hot new memecoin token that’s quickly gaining popularity among Crypto Twitter fans.
Neiro is a dog-themed memecoin similar to the popular Dogecoin. It is related to Dogecoin because the real-life Shiba Inu that inspired the memecoin belongs to the same person.
The popularity of the Neiro meme has led to the launch of several copycat tokens on Solana.
Data from Dexscreener shows that as of the time of reporting, the transaction volume of these Neiro coins has exceeded $1 billion.
Can the real Neiro stand up?
When a memecoin becomes popular, many other tokens with the same name quickly pop up. Thus, Neiro is the name of several tokens traded on Solana, the largest of which has a market cap of $58 million, followed by another worth $13 million.
The question of which is the real Neiro coin is highly controversial, and if such a designation is even possible in a market where tokens can be created without asking anyone’s permission. After all, the dog, or rather his owner, has not endorsed any memecoin.
Keen investors noticed that the contract address of one of the variants ended with the suffix “pump,” meaning it was created on the popular Solana memecoin generator Pump.fun.
As a result, investors who backed the token created by Pump.fun believe that another token is a copycat, but its supporters call it "Lab Neiro."
Both are listed on CoinGecko, but Lab Neiro’s market size is four times larger than the so-called True Neiro created on Pump.fun.
The Neiro meme also spread to Ethereum, but with it came the usual scams, namely honeypots, where tokens can be purchased but only sold by the developer. DL News confirmed that the market value of tokens built on the honeypot mechanism has reached $50 million.
