Early Shiba Inu Investor Becomes Crypto Millionaire by Exchanging 1,000 ETH for New Meme Coin
Meme Coins
NEIRO
Pepe Unchained
The recent listing of Neiro on Binance has caused the token to surge to a new all-time high, although its momentum may slow down in the coming week.
A fortunate investor in meme coins has made over a million dollars in profits from Neiro ($NEIRO) as the token continues to rally after being listed by Binance last week.
On-chain data from Spot On Chain, an AI-driven blockchain analytics company, reveals that the trader exchanged 1,003 ETH for 2.86 billion NEIRO last Wednesday.
This trader had previously earned $145 million from Shiba Inu ($SHIB) in 2021 and 2022.
In just five days, the value of their NEIRO holdings had increased by $1.07 million.
Furthermore, they have also gained $1.7 million from a $3.45 million FET trade on August 31. However, these gains do little to offset an $11 million loss from a recent SHIB trade.
NEIRO: A Explosive New Meme Coin
Thanks to its launch on Binance, NEIRO quickly reached a market cap of half a billion dollars and is now the ninth-largest meme coin by market cap.
Similar to Dogecoin and its main competitor, Shiba Inu ($SHIB), NEIRO is based on Kabosu, the real-life Shiba Inu whose picture became the famous viral doge meme.
At one point, Ethereum co-founder Vitalik Buterin held 4% of NEIRO’s supply, which was worth around $130,000 on August 3. But Buterin sold his entire supply on August 5, causing NEIRO’s value to decline. However, the Binance listing has caused a 200% increase in NEIRO’s price since last week.
According to the chart, NEIRO’s price has increased significantly since being listed on Binance. It reached a new all-time high of $0.001327, but has since dropped by 9.8%. The falling relative strength index (RSI) of 52 suggests that the rapid rally may lose momentum as traders take profits overnight, leading to a consolidation of the price at its current level.
Dealers Skip NEIRO in Favor of PEPU
NEIRO’s rapid rise has attracted the attention of meme coin enthusiasts, but its adherence to the Doge formula means that the token does not offer any significant new crypto product.
However, traders have now set their sights on a new meme coin called Pepe Unchained (PEPU), which is based on Pepe.
PEPU entered the presale phase this summer and has already raised an impressive $15 million, primarily due to its status as the first Pepe coin to run on a proprietary Ethereum Layer 2.
While Ethereum is the most commercially important blockchain, its current transaction processing capacity of about 15 transactions per second (tps) leads to network congestion and high transaction fees.
To address this issue, developers have created Layer 2 protocols that run on top of the main Ethereum network, processing transactions independently on a side chain before adding them to the Layer 1 ledger.
One well-known Layer 2 protocol is Polygon, represented by the POL token (formerly MATIC), which has recorded a maximum of 429 tps.
The tokens underlying Layer 2 protocols have a combined market cap of over $20 billion.
PEPU is the first meme coin to utilize this technology, offering its holders a more attractive value proposition than standard meme coins.
It is a hundred times faster and cheaper to transact with than Ethereum, and thanks to improved scalability, Pepe Unchained provides PEPU stakers with much higher rewards (currently at 141%) compared to Layer 1 meme coins.
For those interested in Pepe Unchained, more information can be found on the official X (formerly Twitter) and Telegram accounts, as well as the official PEPU website.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could potentially lose all of your invested capital.