The developer of the meme token Neiro (NEIRO) on the Solana blockchain earned $2.85 million, having invested only 3 SOL ($552) in the coin’s launch. Analysts at Lookonchain highlighted this development.
The dev of $Neiro has made 15,508 $SOL($2.85M) with only 3 $SOL($552), a gain of 5,169x!?
He spent 3 $SOL($552) to buy 97.5M $Neiro when deploying $Neiro.
Then he sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M).… pic.twitter.com/0PBP6gpJ0e
— Lookonchain (@lookonchain) July 28, 2024
On July 27, a user utilized the Pump.fun platform to issue 97.5 million NEIRO. He then sold 68 million NEIRO for 15,511 SOL ($2.85 million) through several wallets, achieving a profit of 5169x.
He also sent 10 million Neiro to a dead address, leaving 19.5 million NEIRO ($1.8 million) with an unrealized profit of 1.8 million.
At the time of writing, the token’s price had risen by 56.1% to $0.01985, according to CoinGecko.
Meanwhile, a token of the same name launched on the Ethereum network on July 28 is likely fraudulent, blockchain detective Wazz warned.
Beware, biggest $NEIRO token on Ethereum is a honeypot
It bypasses most automated scan tests but owner is constantly calling AutomatedMarketMaker() with addresses, which modifies the transfer() function, likely blacklisting any new buyers.
Most scans are not detecting this pic.twitter.com/HE5H3tEoqt
— Wazz (@WazzCrypto) July 28, 2024
He suggests that the coin’s owner is blacklisting any new buyers.
“He constantly calls AutomatedMarketMaker() with addresses, which modifies the transfer() function. Most scans do not detect this,” wrote Wazz.
According to blockchain analytics service Quick Intel, at the time of writing, the Neiro coin on Ethereum has a market capitalization of over $17 million.
The site also warns that the owner has not relinquished control over the smart contract, allowing potential manipulation of the token’s price or restriction of users’ ability to withdraw or invest funds.
Additionally, the token is directly connected to wallets outside its ecosystem, and its liquidity pool is not locked, meaning funds could hypothetically be depleted at any moment.
At the time of writing, the price of Neiro on Ethereum had plummeted by 40.6% to $0.03868, according to CoinGecko.
Cointelegraph was unable to contact the Neiro developer on Ethereum or independently verify Wazz’s findings.
Back in December 2023, prior to the launch of Sleepless AI farming on Binance’s Launchpool platform, unknown individuals conducted a rug pull of the token with the same name.