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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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One lucky meme coin investor has profited over a million dollars in breakout meme coin Neiro ($NEIRO) as the token continues rallying following last week’s listing by Binance.
On-chain information shared by AI-driven blockchain analytics company Spot On Chain shows the trader swapped 1,003 $ETH for 2.86 billion $NEIRO last Wednesday.
Previously, the trader had made $145 million from Shiba Inu ($SHIB) back in 2021/2022.
In just 5 days, the lucky wallet owner’s $NEIRO stash had blown up by $1.07 million.
As of yesterday, they’re also up $1.7 million on a $3.45 million $FET trade that took place on August 31, although these wins do little to offset an $11 million loss from a recent $SHIB trade.
Neiro’s $NEIRO: An Explosive New Meme Coin
Thanks to its Binance launch, in virtually no time at all $NEIRO cornered a half billion market cap and now stands as the ninth biggest meme coin by market cap.
Like Dogecoin and its number one competitor Shiba Inu ($SHIB), Neiro is based on Kabosu, the real-life Shiba Inu whose photo is the source of the internet’s legendary viral doge meme.
At one point recently, Ethereum co-founder and creator Vitalik Buterin was Neiro’s largest holder, holding 4% of the supply, which was worth about $130,000 on August 3.
Neiro had airdropped him the 17.145 billion $NEIRO tokens in order to make the claim.
Buterin then dumped his entire supply on August 5; Neiro went into decline. However, Neiro is now up 200% from last week, all due to the Binance listing.
According to the chart, $NEIRO’s price has leapt up a decimal place since hitting Binance.
It set a new all-time high (ATH) of $0.001327, but since then the price has retreated 9.8%.
A falling relative strength index (RSI) of 52 suggests that the explosive rally could lose momentum as traders do some overnight profit-taking, helping to consolidate the price at its current level.
Degens Skip $NEIRO For $PEPU
Neiro’s rapid ascent has caught the eye of every stalwart meme coin watcher, but its fidelity to the Doge formula means the token offers very little by way of a new crypto product.
However, degens have locked eyes on a new meme coin based on Pepe called Pepe Unchained (PEPU).
It entered presale this summer and has already raised an eye-watering $15 million on the simple premise that it’s the first Pepe to run on a proprietary Ethereum Layer 2.
Ethereum may be the most commercially important blockchain, thanks to a giant community of application developers and consumers, but it currently processes about 15 transactions per second (tps) which results in high network congestion and large transaction fees.
To solve this bottleneck, developers have created Layer 2 protocols to sit on top of the main Ethereum network and process transactions independently on a side chain, before adding them to the Layer 1 ledger.
One famous Layer 2 is Polygon, represented by the $POL token (formerly $MATIC), which has a maximum recorded 429 tps.
Tokens underlying Layer 2 protocols have collectively amassed a market cap of over $20 billion.
$PEPU is the first meme coin to utilize this technology to give its holders a more enticing value proposition than any standard-issue meme coin.
It’s a hundred times quicker and cheaper to transact with than Ethereum, and thanks to the improved scalability, Pepe Unchained offers $PEPU stakers far greater rewards (currently 141%) than Layer 1 meme coins.
Got FOMO? Learn more about Pepe Unchained from the official X (formerly Twitter) and Telegram accounts.
Visit the official $PEPU website.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
