Is Neiro Crypto a ‘Pump and Dump’ Scheme on the Solana Blockchain?

Neiro crypto, a new memecoin on the Solana blockchain, is facing accusations of being a ‘pump and dump’ token just 24 hours after its launch.

Is Neiro Crypto a ‘Pump and Dump’ Scheme on the Solana Blockchain?

Neiro crypto, a newly launched memecoin on the Solana (SOL) blockchain, has quickly come under suspicion. Within less than a day of its release, there are growing concerns that it might be a scam.

According to Lookonchain data, the behavior of the Neiro crypto developer has sparked alarm. Initially, the developer used multiple wallets to purchase 97.5 million Neiro tokens for 3 SOL. They then sold 68 million of these tokens for 15,511 SOL, approximately $2.85 million.

Moreover, the developer transferred 10 million tokens to a dead wallet, removing them from circulation, and kept 19.5 million tokens. At the time of reporting, these remaining tokens were worth an unrealized profit of around $1.8 million. This series of transactions has led to suspicions of manipulative activities often linked to ‘pump and dump’ schemes in the cryptocurrency market.

Neiro Crypto Price Volatility

The price of Neiro crypto has been highly volatile since its deployment on July 29th. Initially priced at around $0.05, Neiro saw a significant rise, reaching nearly $0.08 during trading. However, it has since declined by33.24% in the last 24 hours, trading at approximately $0.03.

Despite the drop, Neiro crypto has maintained substantial trading volume, exceeding $125 million, with a market cap of over $46 million. These figures suggest considerable market activity, likely driven by speculative interest in the coin.

In light of the controversies surrounding Neiro crypto, potential investors are advised to exercise caution. The suspicious activities of its developer, including significant profit-taking and manipulative actions, cast doubt on the coin’s legitimacy.

Nevertheless, interest in memecoins on the Solana blockchain continues to grow. This increased attention positively impacts the overall trading volume within the Solana ecosystem. Despite the controversies and market fluctuations associated with Neiro crypto, the broader trend of memecoins on Solana appears to be gaining momentum.

Conclusion

While Neiro crypto has attracted significant attention and trading activity, the questionable actions of its developer have raised red flags. Investors should remain vigilant and consider the potential risks associated with such speculative assets. The ongoing interest in Solana-based memecoins highlights the need for careful evaluation of new projects in this rapidly evolving market.