Solana-based meme cryptocurrency Neiro (NEIRO) has been on a roll since its recent launch, sucking all the liquidity out of other meme coins.
In fact, various Neiro coins recorded more DEX volume combined over the past 24 hours than any Ethereum layer-2 chain.
What makes it stand out?
The new meme coin has a particularly strong narrative since it is named after the new dog of Atsuko Sato. The Japanese nursery school teacher rose to prominence as the owner of Kaboso, the famous Shiba Inu dog behind the iconic Doge meme.
As reported by U.Today, Kabosu passed away at the age of 19 in May.
Neiro, a 10-year-old shelter dog, was recently adopted by Sato. Obviously, meme coin aficionados jumped at the opportunity to create various meme coins with the name of the new member of the Doge family.
A warning from Sato
Sato herself has issued a warning about new meme tokens related to Kabosu and Neiro in a social media post. She has stated that she does not endorse any crypto projects except for the Own The Doge DAO, which acquired the rights to the Doge image in April.
Why it might be a fad
NEIRO has already attracted accusations of insider activity, with its developers allegedly holding a large portion of the token's supply. According to analytics platform Lookonchain, a developer behind the token managed to secure a gain of 5,169x by buying 97.5 NEIRO tokens and selling most of these tokens for SOL.
Moreover, liquidity remains fractured for now due to multiple different versions. The largest NEIRO token on the Ethereum appears to be a honeypot scam.
pov: you traded $NEIRO today pic.twitter.com/Oo6wwUnO8f
— AshRobin 🐶 (@ashrobinqt) July 28, 2024
Some have already poured cold water on the new meme coin, arguing that it does not have the potential to become a billion-dollar project and compete with the likes of Dogecoin and Shiba Inu due to lacking symbolism and cultural relevance.
Moreover, NEAR might struggle to be the DOGE beta due to the omnipresence of the original meme coin.