Dogecoin Owner's New Dog Neiro Gets Memed, Developer Turns 3 SOL Into $2.85M In Suspected Foul Play
Portfolio Pulse from Murtuza Merchant
The developer of the Solana-based meme coin Neiro has turned 3 SOL into $2.85 million, raising suspicions of a 'rug pull' scheme. This controversy comes amidst a broader resurgence in the meme coin market, with some coins like Dogwifhat seeing significant gains. However, the sector is also facing scrutiny due to allegations of insider trading and celebrity-backed coins failing to perform.
July 29, 2024 | 4:27 pm
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Neiro, a meme coin named after the newly-adopted dog of Dogecoin's owner, is at the center of a controversy involving a suspected 'rug pull' by its developer. This could indirectly affect Dogecoin's market sentiment.
While the controversy directly involves Neiro, the association with Dogecoin could lead to negative sentiment spilling over to DOGE, potentially affecting its price in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The developer of Neiro, a Solana-based meme coin, converted 68 million Neiro tokens into SOL, making a $2.85 million profit. This has raised suspicions of a 'rug pull' scheme, which could negatively impact Solana's reputation and investor confidence.
The significant profit made by the Neiro developer in a short time has led to suspicions of fraudulent activity. This could harm Solana's reputation and lead to a short-term decline in its price as investor confidence is shaken.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80