New Shiba Inu (SHIB) Rival Exploding in Popularity. Here’s What Makes It Special

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As a seasoned researcher with extensive experience in the crypto industry, I have witnessed countless meme coins come and go, each promising to revolutionize the space but ultimately failing to deliver sustainable value. However, Solana-based Neiro (NEIRO) has piqued my interest with its meteoric rise and unique backstory.

As a financial analyst, I’ve noticed an intriguing trend in the crypto market. specifically with Neiro (NEIRO), the new meme coin built on the Solana blockchain. Since its launch, this cryptocurrency has been gaining significant traction and drawing in a substantial amount of liquidity from other meme coins.

Among all Ethereum layer-2 chains, the Neiro coins collectively recorded a higher volume of decentralized exchange (DEX) transactions within the last 24 hours as indicated by the data from various Neiro coin records.

What makes it stand out? 

The latest meme coin carries a compelling backstory: it’s named after the beloved pet Shiba Inu, Kaboso, of Japanese nursery school teacher Atsuko Sato. She gained fame globally as the proud owner of Kaboso, the canine inspiration behind the widely recognized Doge meme.

As reported by U.Today, Kabosu passed away at the age of 19 in May. 

Ten-year-old canine Neiro, who was recently given a forever home by Sato, sparked excitement among meme coin enthusiasts. Consequently, they produced numerous coins carrying Neiro’s name in the expanding Dogecoin community.

A warning from Sato

In her recent social media update, Sato personally cautioned against new meme tokens linked to Kabosu and Neiro. It’s important to note that she only supports the Own The Doge DAO project, having obtained the Doge image rights back in April.

Why it might be a fad

It has been claimed that NEIRO, the token in question, is under scrutiny due to suspicions of insider trading. Reportedly, developers associated with the project have amassed a significant amount of the token’s supply. Insights from analytics platform Lookonchain reveal that one developer was able to make a massive profit of over 5,100 times their initial investment by purchasing 97.5 NEIRO tokens and subsequently selling most of them for SOL.

Additionally, the fragmentation of liquidity persists at present as a result of various distinct NEIRO token iterations. It seems that the largest NEIRO token on Ethereum functions as a honeypot scam.

pov: you traded $NEIRO today

— AshRobin 🐶 (@ashrobinqt) July 28, 2024

Critics have dismissed the new meme coin as having limited potential to reach billion-dollar valuations and challenge coins like Dogecoin and Shiba Inu. They believe its lack of meaningful symbolism or cultural significance sets it apart from these more established meme projects.

Additionally, NEAR may face challenges in serving as the beta version for DOGE, given the widespread popularity and ubiquity of the original meme coin.

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2024-07-28 22:12