Introduction

We all know the crypto market for its volatile and inclusive nature. Here, new projects emerge every other day, aiming to capture the interest of investors. Among these, memecoins have gained massive attention due to their unique branding and community-driven growth.

Recently, a new memecoin called Neiro Solana Doge (NEIRO) has caught the eye of many investors, including market police, metaphorically speaking. In this article, we'll break down this memecoin project to assess whether it is a promising investment.

What is Neiro Solana Doge?

Neiro Solana Doge, or simply Neiro, is a newly launched memecoin on the Solana blockchain, minted to capitalize on the growing popularity of meme-based cryptocurrencies, especially Dogecoin (DOGE) and its family. Memecoins are typically characterized by their humorous or satirical nature and are often supported by vibrant online communities. Neiro leverages the technical advantages and growing popularity of the Solana network in the memecoins market.

Background and History of Neiro

Neiro emerged in the crypto scene with a whirlwind of activity and speculation. It all started in July 2024, when Kabosumama, the owner of Kabosu—the Shiba Inu dog that inspired the Dogecoin meme—announced the adoption of a new Shiba Inu named Neiro. This announcement created a buzz in the crypto community, leading to the swift creation of various Neiro-themed tokens on platforms like Solana and Ethereum.

The initial excitement was immense. One of the Neiro tokens on the Solana network reached a market cap of $89 million within hours of the announcement. Despite this, Kabosumama clarified that he did not officially support any Neiro-themed tokens and was only associated with the OwnTheDoge project, which deals with original Doge images and related copyrights. This clarification, however, did little to quell the rapid proliferation and trading of Neiro tokens.

The market frenzy led to the creation of multiple Neiro tokens, resulting in investor confusion. Prominent crypto influencer Ansem speculated that the token could reach a market cap of over $100 million, though he did not invest himself, which also led many to accuse him of manipulating the market by drawing attention to specific tokens.

Is Neiro a Scam or Legit Promising Project?

The absence of official support from Kabosumama raise red flags for many. The market's reaction, driven largely by speculation and influencer comments, adds to further uncertainty.

Market sentiment is divided. Some view Neiro as a promising meme coin with the potential to replicate the success of Dogecoin, given its connection to the original Doge. Others are cautious, warning that the hype could lead to significant losses for uninformed investors. The confusion caused by multiple tokens and the subsequent market volatility has also led to concerns about possible manipulation and the integrity of the project.

Overall, while the excitement around Neiro is palpable, potential investors should exercise caution. The crypto market is known for its volatility, and meme coins, in particular, can be highly speculative. So, without official endorsement and clear project goals, the risks associated with investing in Neiro are significant. At least, that's our best analysis for now.

The Price Change of NEIRO on CoinEx

CoinEx Price Chart showing the price and trading volume of NEIRO token w.r.t. USDT on 5 August, 2024

As of 5 Aug, NEIRO tokens trade at a price of roughly $0.014, with a 24-hour trading volume of nearly $794K in USDT on CoinEx alone. The above chart shows that the token's price has increased more than 22% in the last 24 hours. Besides, the 24-hour trading volume reached $34,479,031 USD, according to CoinMarketCap's data on 5 Aug. The fully diluted market cap of NEIRO is more than $26 million, with a maximum supply of 1 billion tokens at the press time.

If you want to trade cryptocurrencies, CoinEx is a good place to find outstanding volatility and prices.

Overview:

Name: NEIRO
Official link: https://www.neiro.lol/
Explorer: https://solscan.io/token/CTJf74cTo3cw8acFP1YXF3QpsQUUBGBjh2k2e8xsZ6UL
Total supply: 1 Billion
Contract address: CTJf74cTo3cw8acFP1YXF3QpsQUUBGBjh2k2e8xsZ6UL
Telegram: https://t.me/NEIROonSOL
Twitter: https://x.com/neirosolanaa
Supported CEX: CoinEx, Bybit, Bitget, MEXC, Gate.io, HTX, BingX, etc.
Convenient for users to know in time: https://www.coinex.com/en/info/neiro

*This information is not an investment advice.

New Solana Memecoin "NEIRO" Captures Investors' Attention