The internet’s love affair with Shiba Inu SHIB/USD dogs and cryptocurrencies has taken a bizarre new turn with the launch of Neiro NEIRO/USD.
What Happened: The recent announcement of a new Shiba Inu puppy, Neiro NEIRO/USD, by the owner of the original Dogecoin DOGE/USD meme coin dog, Kabosu, has sparked a frenzy of token creation on the Solana SOL/USD blockchain.
Kabosu, whose iconic image became the face of Dogecoin, passed away earlier this year, leaving a significant void in the crypto community.
The introduction of Neiro, a new Shiba Inu puppy, was met with initial enthusiasm and support.
However, the situation rapidly escalated as opportunistic traders began launching a plethora of Neiro-themed tokens on Solana’s Pump Fun platform.
Within days, hundreds of these tokens emerged, with some quickly gaining traction and achieving substantial market capitalizations.
The situation was further complicated when it was discovered that two tokens, in particular, were vying for dominance.
One token rapidly amassed a market cap of $100 million, while another, quietly launched earlier, began to gain ground.
This led to intense trading activity as investors scrambled to position themselves in what appeared to be a burgeoning meme coin ecosystem.
Also Read: Bitcoin Drops Below $67,000: What Is Going On With Bitcoin, Ethereum ETFs?
Why It Matters: The frenzied trading on Solana pushed the network’s transaction volume to surpass that of Ethereum ETH/USD, a remarkable feat for a blockchain often overshadowed by its larger rival.
One lucky deployer of a Neiro token managed to amass a profit of at least $5.4 million by strategically buying and selling the token during its rapid ascent.
Amid the excitement, Kabosu’s owner has distanced herself from the Neiro token ecosystem, emphasizing that she does not endorse any crypto project except for OwnTheDog, the entity that owns the original Doge photo and IP.
She has warned the public to be wary of potential scams.
“I see many tokens related to Kabosu and Neiro. To clarify, I do not endorse any crypto project except @ownthedoge $dog because they own the original Doge photo and IP,” she stated in an X post. “They are committed to doing only good every day, charitable works, and Doge culture. Please watch out for token scams.”
What’s Next: The upcoming Benzinga Future of Digital Assets event on Nov. 19 will provide a platform to delve deeper into these trends and discuss the future of the industry with leading experts.
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