NEIRO, an Ethereum-based token associated with the iconic OG meme Shiba Inu Kabosu, is accused of being heavily dominated by whales. As a new report says, alleged insiders may have already made $4.5 million on sniping its supply.
"New SHIB" insiders controlled 78% of NEIRO supply
Neiro on Ethereum (NEIRO), an ERC-20 cryptocurrency that inherits the ethos of Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins, is heavily dominated by insiders.
According to the report of Bubblemaps researchers, soon after its launch, 78% of its supply was allocated by whales, which made it extremely prone to manipulations.
Namely, this gargantuan amount was sniped between 80 addresses simultaneously; each of them managed to allocate around 1% of the NEIRO supply.
Then, the attackers spread the tokens between 3,000 more addresses, and these "second-generation" insider-controlled wallets started selling NEIRO cautiously. In total, the profit of snipers might exceed $4.5 million in equivalent, research says.
In recent days, NEIRO euphoria was triggered by an announcement of the new pet of Kabosu's owner.
Gamza KhanzadaevThe "original" memetic mascot of Dogecoin (DOGE) and Shiba Inu (SHIB) passed away this April, as U.Today previously reported.
Three Arrows' Su Zhu on NEIRO: "Good sign for ETH"
As the center of meme coin hype moved to Solana (SOL) in 2024, numerous versions of NEIRO are also running on this blockchain.
However, the Ethereum-based version was more popular, which did not go unnoticed by Su Zhu, founder of the now-defunct Three Arrows Capital firm.
He opined that the domination of Ethereum's NEIRO is a good signal for the second cryptocurrency itself.
Arman Shirinyan
Alex Dovbnya