Solana-based memecoin Neiro rugged pull, developer profited $1.8 million

Neiro is a new memecoin on the Solana blockchain that has garnered significant attention due to its dramatic rise in trading volume.

Named after the new dog of the owner who inspired Dogecoin, Neiro follows the popular trend of dog-themed cryptocurrencies.

The token saw an extraordinary surge in popularity, driving Solana’s decentralized exchange (DEX) trading volume.

 
On July 27, 2024, the Solana-based memecoin Neiro appeared to be a rug pull, where the developer profited $1.8 million.

The developers paid 3 SOL ($552) to buy 97.5 million NEIRO when deploying NEIRO.

68 million NEIRO were sold for 15,511 SOL ($2.85 million) through multiple wallets, with a realized profit of 15,508 SOL ($2.85 million).

This profit represents a 5,169x return on their initial investment of just 3 SOL, which was $552. The developer sold 68 million Neiro tokens for 15,511 SOL.

Additionally, the developer sent 10 million Neiro tokens to a dead wallet, leaving profit of $1.8 million in SOL.

A rug pull is a type of scam where developers quickly sell off their tokens for a profit, leaving other investors with a worthless asset. It’s a reminder to be cautious in the volatile and sometimes speculative world of cryptocurrency investments. Always conduct thorough research and consider the risks before investing.