A new coin named after a dog is making waves in the cryptocurrency market. Inspired by Kapuso’s new owner’s dog, Nero, a new wave of Shiba Inu coins has emerged on Solana. However, its Ethereum-based competitor has stolen the show with its impressive performance over the past four days.
Kapuso’s Sister Sparks New Memecoin Wave
Kapuso, the dog who inspired the legendary Doge meme, passed away in May. The beloved pooch also inspired the leading cryptocurrency Dogecoin (DOGE) and a slew of tokens featuring the Shiba Inu logo. The dog’s owner recently announced that she had adopted Nero, a 10-year-old rescued Shiba Inu.
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Following the announcement, the crypto community saw the launch of several dog-inspired tokens. Most of these tokens were deployed on Solana, where their market cap initially reached millions of dollars.
On its first day, the largest Solana-based meme coin, Nero, reached a market cap of $100 million. However, it has since fallen by over 80% to a market cap of less than $20 million, possibly due to the overabundance of Nero tokens on the chain.
The symbol was also heavy. Criticize Following online reports of alleged insider activity by developers, blockchain data firm Bubblemaps revealed that the developers of the largest Neiro token ever deployed on Solana controlled 6% of the token’s supply and eventually sold it for $5.7 million.
Since then, the meme coin has seen a massive 84% drop in price, going from its all-time high (ATH) of $0.12 to trading at $0.019.
Are the dog days back?
Ethereum-based Neiro has stolen the spotlight from its Solana counterpart. The token has seen significant growth in the past four days, reaching a market cap of $200 million on August 1.
Since its inception on July 27, Neiro has seen a 4,400% increase, removing two zeros as a result. Additionally, the token reached a new ATH price of $0.20 after an 81% increase from the previous day.
However, the developers of Ethereum’s Neiro coin have also been accused of insider trading. Following the massive surge, Bubblemaps warned investors that the token was “highly controlled.” According to the report, 78% of the memecoin supply was mined at launch and quickly distributed among 400 wallets. The firm revealed that wallets had sold 12% of their holdings, or about $4.5 million, by July 30.
Investors were unfazed by the reports, with many calling it “positive news.” Others expressed excitement about the company’s “deception.” statement“Many of the most successful memes require control of exposure.”
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Moreover, many investors see the “Dog Days are back” and “Doge’s legacy lives on” with the Ethereum-based meme coin. For X user, there are few the reasons Why Neiro became an overnight sensation, including its “SHIB-like narrative,” “focused attention,” and “the return of the meta dog that always dominates Ethereum bull cycles.”
At the time of writing, Neiro is trading at $0.18, a 63% increase in the past 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
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