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In the wildly imaginary world of crypto memecoins, we now have Neiro, the meme coin inspired by Kabosu’s successor, which has recently surged to an all-time high, driven by nostalgia and speculative frenzy.
The name, though, could spell disaster if you accidentally type a ‘G‘ somewhere in the middle.
Launched shortly after the passing of Kabou, the dog behind the Doge meme, the token has captured the imagination of crypto enthusiasts. However, beyond the hype lies a troubling narrative that raises questions about its legitimacy and the intentions of those behind it.
The Latest Crypto Pup Reaches All-Time High
The Neiro crypto, which came into existence on Aug. 1, reached a new all-time high on Aug. 16.
Neiro crypto price action since launch.
The memecoin, which claims to be the sister and heir to Doge (the dog, not the token, hopefully), rocketed upwards from Aug. 14’s low near $0.000003 to reach its new ATH near $0.000046 on Aug. 16.
The bull run saw the token spike more than 1,420% in less than 48 hours. Congratulations to all who profited from the uptrend, but the spike simply shows how irrational the price of memecoins can often become.
The rally had fleeting bullish cues from the team, which name-dropped Ethereum founder Vitalik Buterin. The usual shilling campaign associated with such projects also helped the project reach a $15.6 million market cap.
The Dark Side of Neiro Token
Despite its recent all-time high, controversies overshadow Neiro’s token recent rise. The project claims to have its inspiration in Neiro, a dog adopted by the same woman that once owned Kabosu (the dog behind the Doge meme), and a brief association with Ethereum co-founder Vitalik Buterin.
An excerpt from the Neiro website mentions Buterin connection
However, Buterin’s involvement was nothing more than a brief airdrop that he promptly sold. Despite this, the Neiro team used the fleeting connection to bolster their credibility, misleadingly implying some form of endorsement from Buterin.
More troubling is the rug pull orchestrated by the original developers. The team pocketed $2.85 million by offloading 68 million tokens, leaving early investors in the lurch. This maneuver, which turned a small initial investment into a massive profit, epitomizes the worst of crypto scams.
Following this, the developers abandoned the project, only for a new team to claim they’ve taken over in a “community governance” model. But this shift feels more like a ploy to deflect responsibility than a genuine effort to decentralize control.
The project’s new stewards have made grand claims about community ownership, yet the governance structure remains murky at best. With no whitepaper, sparse communication, and vague promises, it’s difficult to take these claims seriously.
Neiro crypto donated to the shelter from which Neiro doggo came.
The team also attempted to shift focus by emphasizing charitable donations, such as contributing to the dog shelter where Neiro was housed. However, these efforts seem more about salvaging the project’s damaged reputation than ensuring its long-term viability.
In the end, Neiro’s story is a familiar one in the crypto world— a meme coin that capitalized on fleeting trends and connections, only to unravel as the true intentions of its creators came to light.
NOTE
The opinions expressed above are the writer’s own. They are not financial advice and readers should do their own research before investing.
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