Is Solana’s memecoin Neiro crypto a ‘pump and dump’ token?

• Neiro crypto rose by over 150% but has already seen a decline.
• The Solana-based memecoin is now being viewed with suspicion. 

Neiro crypto, a new memecoin developed on the Solana [SOL] blockchain, has quickly come under scrutiny. Less than 24 hours after its release, there are emerging indications that it might be a scam. 

Neiro crypto developer moves funny

According to data from Lookonchain, there are growing concerns regarding the actions of the developer behind Neiro crypto, a Solana-based memecoin.

Reportedly, the developer initially used multiple wallets to purchase 97.5 million Neiro tokens for 3 SOL. Subsequently, they sold 68 million of these tokens for 15,511 SOL, translating to approximately $2.85 million. 

Additionally, the developer sent 10 million tokens to a dead wallet, effectively removing them from circulation, and retained 19.5 million tokens.

At press time, these remaining tokens represented an unrealized profit of around $1.8 million.

This pattern of transactions has raised suspicions of potential manipulative activities commonly associated with ‘pump and dump’ schemes in the cryptocurrency market.

Price of Neiro crypto falls

The price trend of Neiro crypto has been volatile since its deployment on the 29th of July, per data from CoinMarketCap.

Initially priced at around $0.05, Neiro experienced a notable increase, reaching nearly $0.08 during its trading session. 

However, the current trading session has seen a downturn, with the price declining by 10% over the last 24 hours, now trading at approximately $0.04.

This decline is not unexpected, considering the recent controversial activities surrounding its developer.

Source: CoinMarketCap

Despite the price drop, it has maintained a substantial trading volume, exceeding $125 million, and its market cap remains over $46 million.

These figures indicated a significant level of market activity, which might be influenced by the speculative interest around the coin.

Solana memecoins continue to grow

In light of the emerging controversies surrounding Neiro crypto, it becomes imperative for potential investors to exercise caution.

The suspicious activities of its developer, characterized by significant profit-taking and manipulative behavior, cast a shadow over the coin’s legitimacy. 

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Despite the controversies and market fluctuations associated with Neiro crypto, the broader interest in memecoins on the Solana blockchain appears to grow.

This increasing attention positively impacts the overall trading volume within the Solana ecosystem.