A novel dog-themed meme coin has taken the cryptocurrency market by storm. Inspired by Kabosu’s novel dog, Neiro, a novel wave of Shiba Inu-themed tokens has shot up on Solana. However, its Ethereum-based competitor has stolen the show with its stellar performance over the past four days.
Sister Kabosu sparks novel wave of Memecoins
Kabosu, the dog that inspired the legendary Doge meme, passed away in May. The beloved pooch also inspired the flagship memcoin Dogecoin (DOGE) and a slew of Shiba Inu-themed tokens. His owner recently announced that she had adopted Neiro, a 10-year-old rescued Shiba Inu.
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Following the announcement, the cryptocurrency community saw the launch of several dog-themed tokens. Most of these tokens were deployed on Solana, initially pumping into the millions in market cap.
On its first day, the largest Solana-based meme coin Neiro reached a market cap of $100 million. However, it has since fallen by over 80% to a market cap of less than $20 million, likely due to an excess of Neiro tokens on the chain.
The token was also sturdy criticized after online reports revealed alleged insider activity by developers. Blockchain data firm Bubblemaps revealed that developers of the largest token deployed on Solana, Neiro, controlled 6% of the token’s supply and ultimately sold it for $5.7 million.
Since then, the price of the meme coin has fallen by a whopping 84%, falling from an all-time high (ATH) of $0.12 to $0.019.
Have the dog days returned?
Ethereum-based Neiro has outshone its Solana counterparts. The token has seen remarkable growth over the past four days, reaching a market capitalization of $200 million on August 1.
Since its inception on July 27, Neiro has seen a 4,400% raise, effectively destroying two zeros. In addition, the token reached a novel ATH price of $0.20 after an 81% raise from the previous day.
However, the creators of Neiro Ethereum have also been accused of insider trading. After the massive surge, Bubblemaps warned investors that the token was allegedly “tightly controlled.” According to the report, 78% of memecoin’s supply was stolen at launch and quickly spread to 400 wallets. The company revealed that by July 30, wallets had sold 12% of their holdings, about $4.5 million.
Investors seemed unfazed by the news, with many calling it “bullish news.” Others expressed excitement about the company’s “hype,” stating“Many of the most effective memes require supply control.”
In addition, many investors believe that “the dog days are back” and “Doge’s legacy lives on” for Ethereum-based memecoin. For User X, there are several grounds why Neiro became an overnight sensation, including its “SHIB-style narrative,” “focused attention,” and “the return of the dog meta that has always dominated Ethereum’s upcycles.”
At the time of writing, Neiro shares are trading at $0.18, up 63% in the last 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
