According to CryptoPotato, the new meme coin NEIRO has raised significant concerns among experts due to insider trading activities. Blockchain data platform Bubblemaps has reported that NEIRO on the Ethereum blockchain is heavily controlled by a select group of insiders. At the token's launch, 78% of the supply was quickly acquired by 80 addresses, each obtaining around 1% of the total due to a holding cap. These addresses then distributed the tokens across 400 different wallets to avoid detection and minimize the impact of their sales, rarely disposing of more than $3,000 worth of tokens at a time. This strategic distribution has made it challenging to calculate their realized profits accurately. Despite this, Bubblemaps estimates that the insiders have sold around 11.7% of their holdings, generating approximately $4.5 million, while they still control 66% of the token supply.
NEIRO is based on Kabosu, the pet dog whose photo inspired the original meme coin, Dogecoin (DOGE). The website claims that NEIRO is “The sister of the OG DOGE, Kabosu, here to make history on the Ethereum chain!” The announcement of Kabosu’s owner’s new Shiba Inu pet, “Neiro,” prompted the launch of several NEIRO tokens on Solana, competing against each other to replicate the success of DOGE. However, Neiro’s owner, known as “Kabosumama,” has distanced themselves from the meme coins that have subsequently emerged. Despite this, NEIRO on Ethereum has managed to capture the community's attention. Since its launch less than a week ago, its price on Ethereum surged to $0.20 before settling around $0.16 at the time of writing. According to CoinMarketCap, it is already among the top 20 most valuable meme coins and has recorded a massive trading volume of more than $35 million in the past 24 hours.