The cryptocurrency community witnessed a controversy surrounding the appearance of the memecoin NEIRO, inspired by the new dog of the owner of the old Dogecoin dog.
Controversy surrounds NEIRO, the memecoin named after Dogecoin 's owner's new dog
As Coin68 reported, the dog Kabosu that inspired the memecoin Dogecoin (Doge) passed away on May 24, 2024.
One month earlier, the DAO Own the Dog organization bought the copyright to the photo of the dog Kabosu that became a famous meme across the internet.
The passing of the adorable dog made the community mourn, but accidentally became the starting point of a new drama a few months later.
Briefly, the owner of the dog Kabosu last week adopted a 10-year-old Shiba Inu dog, named Neiro. She posted on X an announcement about the "new member of the family" under the account @kabosumama, writing in Japanese.
新しい家族を迎えました😊
— かぼすママ (@kabosumama) July 27, 2024
名前は「ねいろ」です。
「音の色あい」という意味です。
元保護犬の１０歳の女の子です。
ねいろちゃんの今までの１０年間は辛いことや怖いこと、
悲しいことばかりでした。
でもこれからは嬉しいことと楽しいことしかありません。
幸せな毎日の始まりです✨ pic.twitter.com/zoRcbL7bDG
Many people commented to congratulate and Chia their happiness with her. But most of the cryptocurrency community XEM this as a new speculative opportunity. A series of memecoins with the name NEIRO began to appear on Solana.
Here we need to mention the ease of issuing a new Token on Solana. Just a few clicks on the pump.fun platform to create a meme coin of your choice. Thanks to pump.fun, celebrity memecoins can explode and cause a series of unnecessary controversies.
A similar situation arose with NEIRO. Hundreds of Token were created, many of which quickly attracted a large number of traders, pushing Capital to skyrocket to tens of millions of dollars. There are even coins with a Capital of up to hundreds of millions of dollars.
The story climaxed when the community Chia into two camps supporting two different memecoins, one was the NEIRO coin with the highest volume and Capital , the other was the first NEIRO coin created.
The copper side with the largest Capital is understandable, this is the copper that investors are most interested in today. The larger the Capital , the more growth it represents.
But the first side of NEIRO coin also has its reasons. They believe that they are the "original" NEIRO, the first to be created, while the coins that appeared later are, of course, "imitations" and "copycats".
Both sides "don't accept anyone", both trying to support their Token , thereby pushing the volume on Solana to increase dramatically. defillama data shows that Solana recorded up to 1.8 billion USD in volume on July 28 and 29, while Ethereum only reached less than 1 billion USD.
However, the hype quickly came and died quickly. The first NEIRO coin has now decreased by 60%, with Capital only fluctuating around 6.7 million USD. The 24-hour volume is about 54 million USD.
NEIRO coin was created first. Source: CoinGecko (July 30, 2024)
The more popular NEIRO coin has a Capital of about 46 million USD, Volume of more than 121 million USD, meaning twice the Volume of the first coin.
NEIRO coin has a larger Capital . Source: CoinGecko (July 30, 2024)
But Bubblemaps discovered that the dev team of the more popular NEIRO coin "pocketed" at least $5.4 million in profits when deploying this memecoin. Many wallets associated with the dev team owned up to 6% of the total supply of NEIRO when the Token was first released, then "shilled" the price and sold it Dump at the peak.
UPDATE: dev actually sold for $5.7M ⚠️
— Bubblemaps (@bubblemaps) July 28, 2024
All the addresses below are connected to the deployer of$NEIRO https://t.co/wIVU7eC3WG pic.twitter.com/rKJGhrvnC4
One KOL Ansem was also called out by the community. The guy was fomo at first but accidentally "bought the wrong coin", not the first NEIRO coin. Because he accidentally "held" up to 4% of the total supply, Ansem pretended to "seal" the first NEIRO coin, shilling for the coin he bought - the more popular NEIRO coin above. In the end, this person dumped both coins, pushing the price down sharply.
$NEIRO (Doge owner new Doge)
— Wazz (@WazzCrypto) July 28, 2024
A bunch of them were created around the same time, one got market Consensus and went to 100M in a couple of hours, he accumulated another one which ended up forgotten around 5M and then went on spaces to shill it apparently.
Big one 100->15M
Small one… pic.twitter.com/PtOoMQWCsk
Ansem's new$NEIRO farm falling like a house of cards
— MoneyLord (@moneyl0rd) July 30, 2024
I warned you that his crew launched it
Same as they did with $HOBBES
It will end up the same as $HOBBES at 0
ANSEM is just good at acting, but people are starting to realize after this one
They played themselves https://t.co/3x2Cnj5qBj pic.twitter.com/06h9Aovion
Not only Solana, other memecoins also appear widely on Ethereum, although the cost of Token Issuance on this network is somewhat more expensive. CoinGecko recorded a Neiro on ETH coin with a 24-hour volume of $33 million.
NEIRO coin on ETH. Source: CoinGecko (July 30, 2024)
Meanwhile, the owner of the adorable dog Neiro denies any involvement with any cryptocurrency.
I see many tokens related to Kabosu and Neiro. To clarify, I do not endorse any crypto project except @ownthedoge $dog because they own the original Doge photo and IP (which I gave to them) and are committed to doing only good everyday, charitable works, and Doge culture. pic.twitter.com/9qsycpdQGV
— かぼすママ (@kabosumama) July 28, 2024
“I see there are many Token related to Kabosu and Neiro. To clarify, I claim no involvement with any cryptocurrency project other than the DAO Own the Dog organization as they own the copyright to Doge.
Their organization is committed to doing only good every day, volunteering and promoting Doge culture."
Coin68 compiled
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