- The owner of Dogecoin’s mascot recently announced on Twitter they have adopted a new fluffy puppy – Neiro.
- The new dog, a Shiba Inu, naturally inspired a wave of meme coins minted across the Web3 sphere.
- Neiro Ethereum became the clubhouse leader for market cap and trading volume – however, a report from internet sleuth Wazz is skeptical regarding the project’s legitimacy.
- The Neiro Ethereum coin plummeted overnight following Wazz’s social media post.
There’s an unwritten rule among the crypto community: If you want to participate, you have to be a fan of the Shiba Inu meme. The internet-famous dog, Kabosu, became the unofficial mascot for the crypto market’s burgeoning meme coin sector, birthing several popular projects like Dogecoin, Shiba Inu, Floki Inu and more.
To the community’s despair, the original fluffy pup passed away earlier this year – but it appears the mourning period is over, with Kabosu’s owner announcing they’ve adopted a new Shiba Inu dog.
The crypto community moved into overdrive upon hearing the news, launching a slew of meme coins within hours. You’d expect nothing less.
And while some have been supremely successful to start, concerns are beginning to circle the biggest Neiro project, with some starting to question its legitimacy.
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Neiro Ethereum Sees Impressive Trading Volume Post Launch
Solana, which has cemented itself as the king of meme coins in 2024, was the first chain to mint a Neiro-based cryptocurrency. The initial airdrop was met with a huge uptake, as the market cap climbed to nearly US $100m (AU $149m) within a week.
However, it’s the Ethereum-hosted Neiro project that has the crypto community excited. The coin exploded out of the blocks and was regularly seeing US $40m (AU $60m) in daily trading volume.
Red Flags Over Liquidity and Automated Market Maker, Wazz Says
The smooth beginnings were short-lived. Controversy soon reared its ugly head, with Neiro’s owner claiming nobody had asked permission to use the puppy’s image for profit.
Things got even worse this week, when well-known blockchain analyst Wazz suggested that Neiro Ethereum might actually be a honeypot.
A honeypot is a type of scam that lures crypto investors into depositing tokens into a dApp or smart contract, only to find that they can’t withdraw the assets after a time.
Wazz identified a couple of red flags that point toward Neiro Ethereum being a little bit dodgy.
The community has also noted that the project has no known developer, and that the native token has links to wallets outside the ecosystem – so theoretically, the project minter could pull the rug out from investors at any time.
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Following the overnight controversy, Neiro Ethereum has fallen 35% in value.
There’s been no confirmation whether the Ethereum meme coin is a scam or not, but it’s wise for the community to tread carefully given its suspicious nature.
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