78% of tokens allocated in advance

There’s a new meme currency in town: NEIRO. But experts have already raised major red flags about it.

According to the Bubblemaps blockchain data platform, significant insider trading activity with NEIRO has been observed on the Ethereum blockchain.

Insider trading in NEIRO on Ethereum

The NEIRO meme coin on Ethereum has been found to be heavily controlled by a select group of insiders.

At the token’s launch, 78% of the supply was quickly acquired by 80 addresses, each getting around 1% of the total due to a holding limit. In an update to X, Bubblemaps said these addresses “thoroughly” distributed tokens across 400 different wallets to avoid detection and minimize the impact of their sales, rarely holding more than $3,000 worth of tokens at once.

This strategic distribution of the token has made it difficult to accurately calculate its realized profits. Despite this, Bubblemaps has estimated that experts have sold around 11.7% of their holdings, generating approximately $4.5 million, while still controlling 66% of the token supply.

Origin of NEIRO and subsequent price increase

NEIRO is based on Kabosu, who was the pet dog whose photo gave birth to the OG meme coin: Dogecoin (DOGE). The website claims that NEIRO is “OG DOGE Kabosu’s sister here to make history on the Ethereum chain!”

It was the announcement of Kabosu’s owner’s new pet Shiba Inu, “Neiro”, on X that led to the release of several NEIRO tokens in Solana, pitted against each other, to replicate DOGE’s success.

The owner of Neiro, who goes by the pseudonym “Kabosumama”, however, has distanced himself from the meme coins that have subsequently emerged.

Meanwhile, NEIRO on Ethereum quietly managed to grab the attention of the community.

Since its launch less than a week ago, its price on Ethereum rose to $0.20 before settling around $0.16 at the time of writing. According to CoinMarketCap, it is already among the top 20 most valuable meme coins and has recorded a massive trading volume of over $35 million in the last 24 hours.

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