Exploring Neiro Ethereum: The Rise of Dogecoin’s New Contender

• The owner of Kabosu, the Dogecoin mascot, introduced a new dog named Neiro as the official sister of $DOGE. 
• This sparked a wave of new memecoins centered around the new dog, as multiple coins entered the market.
• Neiro on Ethereum, an ERC-20 token, seems to be head and shoulders above the rest and could be the next Dogecoin.

Memecoins are often subject to high volatility and are often under intense hype. In mid-2024, one of the biggest memecoin hype hit the crypto market.

Here’s how it all happened and how the entire community descended into a heated argument over a single memecoin.

The Neiro Saga Unfolds

The drama started when the owner of Kabosu, the Dogecoin mascot, announced that she had adopted a new dog named Neiro. The backstory behind this development is that Kabosu died in May 2024, leaving the crypto community devastated.

Kabosu’s owner adopting a new dog sparked the creation of several Neiro-inspired tokens on Solana, Ethereum, and other blockchains.

However, after that, the crypto market argued and fought over which of these new Neiro tokens was real. An Ethereum version called “Neiro on Ethereum” or $NEIRO took advantage of this hype and started to rally.

$NEIRO: Did We Just Find The Next $DOGE?! Massive Potential This Cycle For @Neiro_Ethereum. pic.twitter.com/pQLuTSeq95

— JAKE (@JakeGagain) July 31, 2024

Source: Twitter

Amidst the chaos with the other memecoins, the Neiro on Ethereum had already attracted over a $100 Million in market cap. This led the crypto community to speculate: Could Neiro on Ethereum be the real one?

The Birth of Neiro on Ethereum

Neiro on Ethereum was launched on the network just 14 minutes after the one on Solana. Initially, it seemed overshadowed by the latter, considering the ongoing Solana memecoin craze.

It ended the weekend of its creation with a market cap of around $15 Million. However, the following week, Coingecko data showed that memecoin speculators started to jump on the train. 

It caused a staggering 994% spike in the market cap to over $130 Million. This rally pushed it way past its Solana-based counterparts. The largest coins had market caps of around $30 Million and $4.5 Million, respectively. 

The memecoin’s performance has been impressive so far. It has retained a market cap of $120 Million after a decline from a $149 Million ATH on July 31st.

Official Stance and Market Reactions

This confusing rage of new memecoins prompted a response from the Kabosu (and Neiro) owner. 

She clarified in a post that she had not endorsed any of the new memecoins except for OwnTheDoge. It owns the original Doge photo and intellectual property. 

I see many tokens related to Kabosu and Neiro. To clarify, I do not endorse any crypto project except @ownthedoge $dog because they own the original Doge photo and IP (which I gave to them) and are committed to doing only good everyday, charitable works, and Doge culture. pic.twitter.com/9qsycpdQGV

— かぼすママ (@kabosumama) July 28, 2024

Source: Twitter

The crypto-civil war prompted blockchain analytics company Bubblemaps to weigh in via a tweet. The company raised alarms about some wallets allegedly selling $4.5 Million of Neiro on Ethereum tokens, leaving 66% of the supply. 

“Owning your supply isn’t inherently wrong, but these shady tactics are exactly what’s wrong with new launches,” CEO Nick Vaiman stated.

Despite the ongoing saga, Neiro on Ethereum has managed to hold on to most of its initial market cap. It also has a slew of new tokens.