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When Kabosu, the Shiba Inu dog behind the iconic “doge” meme, passed away in May 2024, the crypto community mourned the loss of an internet icon that had inspired the creation of the oldest and most popular memecoin in the world – Dogecoin (DOGE).
On July 28, 2024, Kabosu’s owner introduced her “new family member” to her followers on X, a 10-year-old rescued Shiba Inu dog named “Neiro”.
Shortly after, Ethereum (ETH), Solana (SOL), and other blockchains saw numerous newly-created NEIRO memecoins. A trading frenzy ensued.
While Kabosu’s owner has not associated herself and her new companion with any NEIRO tokens, eager crypto traders have not been dissuaded from investing in “the sister of the legendary $DOGE.”
What is NEIRO? Is NEIRO legit or a scam? We will answer all your questions in the article below.
What is NEIRO ($NEIRO)?
Memecoin inspired by DOGE
Neiro Ethereum (NEIRO) is the largest Neiro-inspired memecoin by market capitalization. We will focus on this particular Neiro-inspired token in this article.
As the name suggests, NEIRO is on the Ethereum blockchain and is valued at over $204 million, making it the 222nd largest crypto in the world, as of August 7, 2024.
Onchain data showed Neiro Ethereum was created about 76 minutes after Kabosu’s owner tweeted about her new Shiba Inu dog in the early hours of July 28, 2024 (6:03 AM JST).
According to DEXscreener, Neiro Ethereum had a whitelist, meaning that specific addresses had early and exclusive access to the token before they were made available to the general public.
On Solana, NEIRO on SOL is the most popular Neiro-inspired memecoin boasting a market capitalization of over $12.7 million, as of August 7, 2024, making it the 876th largest crypto in the world.
Does Vitalik Buterin Own Neiro Ethereum?
There seems to a confusion about whether Ethereum co-founder Vitalik Buterin owned the Neiro Ethereum memecoin.
Media firms reported that Buterin was airdropped 17.146 billion NEIRO tokens which he later dumped on Uniswap for 44.234 ETH on August 5, 2024.
However, the memecoin that Buterin was airdropped was not the Neiro Ethereum token that is in focus in this article.
The Neiro Ethereum token has a max supply of only 1 billion tokens. It is currently trading at a market price of $0.2, as of August 7, 2024 —the Neiro memecoin that Buterin dumped is currently trading at $0.0000099.
For anyone wanting to verify, here are the links to the contract addresses, as shown on Etherscan, for the Neiro Ethereum token (the largest Neiro-inspired memecoin by market cap) and the token that Buterin dumped.
Is Neiro Ethereum a Scam?
You can never be too careful with memecoins. The risk of rugpulls is especially high when it comes to trendy memecoins.
The numerous Neiro-named memecoins in the market has added to the chaos.
According to token supply auditing tool Bubblemaps, Neiro Ethereum is “heavily controlled” as 78% of the token’s supply was “sniped at launch” and spread out across 350 wallets.
On August 5, 2024, Bubblemaps added that Neiro Ethereum insiders were continuously selling through hundreds of addresses, averaging daily sales of $500,000.
We analysed 10,000+ transactions of $NEIRO on ETH to follow the insiders. Here’s what we found:https://t.co/GG8le39nJb
• 78% of the supply spread across 350 wallets
• $4M sold in 2,500 transactions
• Sells on 10+ DEX and CEXThis was so meticulous that we believe scripts…
— Bubblemaps (@bubblemaps) July 31, 2024
Meanwhile, Kabosu’s owner warned her X followers to “watch out for token scams” associated with her Shiba Inu Neiro.
She added that she doesn’t endorse any crypto project except Own The Doge, which owns the original “Doge” meme photograph and its intellectual property (IP).
Own The Doge or $DOG is a fractionalized non-fungible token (NFT) that gives holders part ownership of the original “Doge” meme picture.
According to Own The Doge, the original “Doge” meme picture was minted as an NFT by Kabosu’s owner and sold at an auction to PleasrDAO in 2021 for 1696.9 ETH about $4.24 million at the time.
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
Neiro Ethereum Tokenomics
Here is important information about the tokenomics and other market data about Neiro Ethereum, as of August 7, 2024.
| Metric | Stat |
| Total and max supply | 1 billion tokens |
| Circulating supply | 1 billion tokens |
| Number of holders onchain | 12,889 |
| Price | $0.2048 |
| Market Cap | $204 million |
| Crypto rank by market cap | 222nd |
| Memecoin rank by market cap | 16th |
| All-time high | $0.2308 (hit on August 6, 2024) |
| Number of followers on X | Over 21,000 |
Neiro Ethereum Price Analysis
Since its debut on July 28, 2024, Neiro Ethereum’s price has surged about 1340% to about $0.2, as of August 7, 2024.
Over the last seven days, Neiro Ethereum has gone against broader crypto market trends to rise about 175% to become the top-performing memecoin in the world during the period.
In contrast, the rest of the crypto market saw sharp selloffs in early August 2024 due to recession fears in the US and the unwinding of the Japanese yen carry trade.
Where to Buy Neiro Ethereum?
You can buy the Neiro Ethereum token on Ethereum-based decentralized exchanges such as Uniswap, Sushiswap and 1inch. You will need a crypto wallet and some ETH tokens to pay for gas fees to buy NEIRO on Uniswap.
Neiro Ethereum is listed on centralized exchanges such as OKX, Bitget, BingX, LBank, Poloniex, MEXC and BitMart.
As of August 7, 2024, Neiro Ethereum was not listed on Binance and Coinbase.
The prospect of investing in the next Dogecoin can be an enticing affair. However, we would like to remind readers that memecoin investing is extremely risky which can leave investors with irrecoverable losses. Moreover, the sea of Neiro-insipred tokens in the markets adds to the challenge.
Always do your own research before investing. This article should not be taken as financial advice, it is for informational purposes only.
