'New SHIB,' 'DOGE Successor' Ends up Being Insider-Controlled
Release: 2024/08/02 00:04 Reading: 673
NEIRO Insider Dominance and Potential Market Manipulation
NEIRO, an Ethereum-based token linked to the popular Shiba Inu meme, has recently come under scrutiny for its alleged dominance by insiders. A recent report suggests that individuals with prior knowledge may have netted significant profits by "sniping" the token's supply at its launch.
Insiders Allegedly Controlled 78% of NEIRO Supply
According to research from Bubblemaps, 78% of NEIRO's supply was acquired by whales soon after its launch, making it vulnerable to manipulation. This massive amount was reportedly distributed among 80 addresses, each receiving approximately 1% of the total supply.
The attackers then allegedly dispersed the tokens to 3,000 additional addresses, effectively creating a network of insider-controlled wallets. These wallets have since begun selling NEIRO cautiously, potentially generating profits exceeding $4.5 million.
Recent Euphoric News and Market Hype
NEIRO's popularity has recently been buoyed by the announcement of a new pet for Kabosu's owner. The original mascot of Dogecoin and Shiba Inu passed away earlier this year.
Commentary from Three Arrows Capital
Su Zhu, founder of the now-defunct Three Arrows Capital, has weighed in on the NEIRO situation. He suggested that the dominance of the Ethereum-based NEIRO is a positive sign for Ethereum itself.
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