A new meme coin, NEIRO, has emerged and is facing scrutiny from experts. According to Bubblemaps, a blockchain data platform, there is significant insider trading associated with NEIRO on the Ethereum network.
Insider Trading Concerns with NEIRO on Ethereum
The NEIRO meme coin, launched on Ethereum, appears to be predominantly controlled by a small group of insiders. At its inception, 78% of NEIRO’s total supply was acquired by 80 addresses, each capped at around 1% of the total. Bubblemaps reports that these addresses then dispersed the tokens across 400 different wallets to obscure their actions and minimize the visibility of their transactions, typically selling no more than $3,000 worth at a time.
This tactic has complicated the assessment of their profits. However, Bubblemaps estimates that these insiders have sold about 11.7% of their holdings, generating roughly $4.5 million, while still retaining 66% of the total token supply.
Background and Price Trends of NEIRO
NEIRO is inspired by Kabosu, the Shiba Inu that became the face of the original meme coin, Dogecoin (DOGE). The coin’s website claims that NEIRO is “The sister of the OG DOGE, Kabosu, here to make history on the Ethereum chain!”
The recent buzz began with the announcement of a new Shiba Inu named “Neiro” by Kabosu’s owner on X, which led to the creation of several NEIRO tokens on Solana competing for attention and success. Despite this, Neiro’s owner, known as “Kabosumama,” has distanced themselves from these new meme tokens.
In less than a week since its launch, NEIRO on Ethereum saw its price rise to $0.20 before stabilizing around $0.16. It has quickly become one of the top 20 meme coins by market value, with a trading volume exceeding $35 million in the last 24 hours, according to CoinMarketCap.
