According to Lookonchain data, the developer of a new and little-known altcoin made a remarkable profit. The developer purchased 97.5 million Neiro tokens by initially depositing approximately $500 worth of SOL (3 SOL). He then sold 68 million of these tokens for 15,511 SOL, making a profit of approximately $2.85 million.
Big Gains from a Small Investment
The developer acquired 97.5 million Neiro tokens by investing just 3 SOL (about $500). As Neiro's value increased, the developer earned 15,511 SOL (approximately $2.85 million) by selling 68 million tokens. This transaction reveals the potential for huge profits in the cryptocurrency market.
The developer also removed 10 million Neiro tokens from circulation by sending them to a burn address. This step aims to manage the scarcity of the token and increase its market value. Despite the sales and token burns, the developer still owns 19.5 million Neiro tokens. The value of these tokens at current prices is approximately $1.8 million, indicating that the developer has made a strategic market participation.
Neiro operates as a memecoin on the Solana blockchain and is named after the newly adopted dog of the original Dogecoin mascot, Kabosu. As a memecoin, Neiro is noted more for its community and cultural impact, rather than its technological innovation. The developer's huge profits and Neiro's sudden rise reveal the speculative nature of such assets in the crypto ecosystem.
The crypto community is widely discussing this issue following huge profits from Neiro and assessing the potential and risks associated with newly minted altcoins. Activities such as token burning and strategic sales can impact market perception both positively and negatively. Therefore, making well-informed investments and backing them with extensive research is the key to success in the complex cryptocurrency market.
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