Neiro Crypto, a New Memecoin Developed on the Solana [SOL] Blockchain, Quickly Comes Under Scrutiny

Neiro crypto developer moves funny According to data from Lookonchain, there are growing concerns regarding the actions of the developer behind Neiro

A new memecoin, dubbed Neiro crypto, has entered the cryptocurrency market, quickly raising eyebrows with its suspicious price movements.

Emerging indications suggest that Neiro crypto might be the latest in a string of scams to hit the Solana [SOL] blockchain.

Less than 24 hours after its release, there are emerging indications that Neiro crypto might be a scam.

According to data from Lookonchain, the developer of a Solana-based memecoin, known as Neiro crypto, has been engaging in some interesting activities.

The developer initially used multiple wallets to purchase 97.5 million Neiro tokens for 3 SOL. They then proceeded to sell 68 million of these tokens for 15,511 SOL, which translates to approximately $2.85 million at press time.

Furthermore, the developer also sent 10 million tokens to a dead wallet, effectively removing them from circulation, and retained 19.5 million tokens.

These remaining tokens amounted to an unrealized profit of around $1.8 million, which is certainly not something to scoff at.

This pattern of transactions has naturally raised suspicions of potential manipulative activities, commonly associated with ‘pump and dump’ schemes in the cryptocurrency market.

The price trend of Neiro crypto has also been quite volatile since its deployment on the 29th of July, according to data from CoinMarketCap.

Initially priced at around $0.05, Neiro experienced a notable increase, reaching nearly $0.08 during its trading session.

However, the current trading session has seen a downturn, with the price declining by 10% over the last 24 hours, now trading at approximately $0.04.

This decline is not entirely surprising, considering the recent controversies surrounding its developer.

Despite the price drop, it’s interesting to note that Neiro crypto has maintained a substantial trading volume, exceeding $125 million, and its market cap remains over $46 million.

These figures indicate a significant level of market activity, which might be largely attributed to the speculative interest around the coin.

Solana memecoins have been gaining a lot of attention recently, and Neiro crypto is just one of the many.

While some of these coins have managed to generate impressive returns for early investors, others have been found to be scams, designed to quickly enrich their creators at the expense of unsuspecting traders.

As always, potential investors are strongly advised to conduct thorough research and exercise caution before allocating any funds to these highly volatile assets.

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