A developer of the digital token $NEIRO has recently gained significant gains. The $NEIRO developer has reportedly made up to 15,508 $SOL just with 3 $SOL with a gain of up to 5,169x. The prominent on-chain analytics provider Lookonchain took to its official X account to offer insights into the respective development.
The dev of $Neiro has made 15,508 $SOL($2.85M) with only 3 $SOL($552), a gain of 5,169x!😱He spent 3 $SOL($552) to buy 97.5M $Neiro when deploying $Neiro.Then he sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M).… pic.twitter.com/0PBP6gpJ0e
— Lookonchain (@lookonchain) July 28, 2024
$NEIRO Developer Makes 5,169x Gains from a Minor $SOL Investment
The on-chain analytics firm noted that the $NEIRO developer initially invested only three $SOL coins to get 97.5M $NEIRO coins. The developer carried this out during the $NEIRO token’s deployment. The respective strategic move resulted in a staggering profit for the developer. In this respect, the developer sold up to 68M $NEIRO coins across diverse wallets. This development paved the way for the generation of 15,511 $SOL coins.
The Developer also Burns 10M $NEIRO by Sending them to an Inactive Wallet
Following accounting for the earliest investment of 3 $SOL, his realized profit currently stands at a remarkable 15,508 $SOL. This figure reportedly equals $2.85M. Apart from the respective gains, the developer sent ten million $NEIRO coins to an inactive wallet. In this way, the developer efficiently burned them and decreased the circulating supply of $NEIRO tokens.
As a result of this, the developer presently holds up to $1.8M in line with the value of the coin. $NEIRO operates as a meme token taking inspiration from the Kabosu’s owner’s latest adopted dog. It is the dog at the back of the famous $DOGE meme. Lookonchain suggested that the developer’s capability to benefit from the earliest small investment to get millions of dollars in profit denotes the rewarding opportunities as well as risks in the crypto sector.