According to PANews, the recently adopted rescue dog named 'Neiro' by the owner of the late Shiba Inu internet sensation Kabosu has quickly become a hot topic in the meme coin market. Kabosu, the original inspiration for the meme coin DOGE, has passed away, but her legacy continues to influence the crypto world. Following the announcement of Neiro's adoption, several meme coins named after the new pet have emerged, generating significant trading volumes despite a general downturn in the meme coin market. However, this phenomenon has also sparked protests from Kabosu's owner.
Neiro, a rescue dog with a ten-year history, was introduced by Kabosu's owner on social media on July 28. The name Neiro symbolizes a happy beginning for the new family member. Leveraging Kabosu's immense popularity, Neiro has also garnered significant attention, leading to the creation of meme coins on both the Solana and Ethereum blockchains. According to DEX Screener data, the Solana-based 'Neiro' saw a peak increase of 181,912.8%, while 'NEIRO' surged by 117,324.2%. On Ethereum, 'Neiro' experienced a 75.9-fold increase. In the past 24 hours, the total trading volume for Solana's 'Neiro' and 'NEIRO' exceeded $250 million, while Ethereum's 'Neiro' reached $15.8 million. Despite a price drop, the earliest 'NEIRO' still holds a market value of $23.4 million.
Developers have profited significantly from the high demand. Lookonchain reported that the developer spent 3 SOL ($552) to purchase 97.5 million Neiro tokens and later sold 68 million tokens for 15,511 SOL ($2.85 million), making a profit of 15,508 SOL ($2.85 million). Bubblemaps analysis indicated that the developer has earned $5.7 million and still holds 6% of the supply through multiple addresses. However, the developer denied these claims, stating that most of these addresses belong to friends and that they currently hold about 1.6% of the supply with no plans to sell soon.
Meanwhile, savvy investors have also reaped substantial profits. For instance, one investor reportedly turned $80,000 into $1.93 million, achieving a return rate of 2,397%. This investor participated in various meme coin trades with a win rate of 31.25% over the past month.
However, the hype around Neiro has drawn criticism from Kabosu's owner, who clarified that she does not endorse any crypto projects except for Own The Doge's $dog. Own The Doge is the only DAO with exclusive IP rights to Kabosu's images and is committed to charitable work and promoting Doge culture. The organization has donated over $2 million to charities supporting dogs and children and is the largest cryptocurrency donor to Save the Children.
The emergence of Neiro-related meme coins raises potential infringement risks. Consequently, the official X account for Solana's Neiro has been suspended for violations, and its Telegram group is no longer accessible.
