Neiro: The Solana Memecoin Inspired by the Dog Behind Dogecoin

Solana's DEX trading volume hit a whopping $2 billion in the last 24 hours, according to DefiLlama data. That's more than Ethereum, its army of layer 2 networks, and BNB Chain combined – a first for Solana.

Solana’s decentralized exchanges (DEXs) have seen a surge in trading volume, reaching a record high of $2 billion in the past 24 hours, surpassing the combined volume of Ethereum, its layer 2 networks, and BNB Chain.

This remarkable increase in DEX trading is largely attributed to the recent hype surrounding a new memecoin called Neiro, which has attracted a massive following among traders. Neiro is a dog-themed token, inspired by the Shiba Inu dog that became famous as the mascot of Dogecoin. Interestingly, the dog that inspired Neiro is reportedly owned by the same person who owns the dog behind Dogecoin.

According to DefiLlama data, Solana’s DEX trading volume reached a staggering $2 billion in the last 24 hours. This surpasses the combined DEX trading volume of Ethereum, its layer 2 networks, and BNB Chain, which stood at $1.9 billion during the same period.

As the popularity of Neiro soared, numerous copycat tokens emerged on Solana, contributing to the overall trading volume on the DEXs. Data from Dexscreener shows that the trading volume for these Neiro-inspired coins exceeded $1 billion.

However, a point of contention arose within the Solana community regarding the authenticity of the Neiro tokens. Several investors noticed that one variant's contract address concluded with "pump," indicating its creation on Pump.fun, a Solana memecoin generator. This led some to dismiss the other variant as a copycat, while its supporters referred to it as "Lab Neiro."

Adding to the drama, both tokens are listed on CoinGecko, with Lab Neiro commanding a market size four times larger than the so-called "True Neiro" created on Pump.fun.

The Neiro meme also made its way to Ethereum, but with a sinister twist. The Ethereum version turned out to be a classic "honeypot" scam – a token that can be bought but not sold, except by its creators. This fraudulent token managed to reach a market value of $50 million before being exposed.

According to recent reports, the original Neiro developer has cashed out $2.85 million in a potential rug pull. The Neiro developer realized a 5,169x profit after turning an initial investment of 3 SOL (around $550) into a massive $2.85 million return. Blockchain sleuth Lookonchain detailed the developer's moves in a July 28 X post:

“He sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M). […] He also sent 10M $Neiro to the dead wallet, leaving 19.5M $Neiro($1.8M), with an unrealized profit of $1.8M!”

For those unfamiliar with crypto lingo, this pattern of behavior – where insiders quietly sell off a large chunk of their tokens and vanish into the night – is what's known as a "rug pull."

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