Key Takeaways:
- The developer of Solana-based memecoin Neiro earned $2.85 million in a suspected rug pull, achieving a 5,169x return on a 3 SOL investment.
- Memecoin trader Zack Ventura predicted a new bull cycle for memecoins, with the Solana-based Dogwifhat (WIF) surging 41% weekly.
- Celebrity memecoins such as JENNER, DAVIDO, and RICH have plummeted, damaging the industry’s reputation, while others like Jason Derulo’s JASON token and Andrew Tate’s Daddy Tate (DADDY) faced insider trading allegations.
The developer of the Solana-based memecoin Neiro reportedly earned $2.85 million through a suspected rug pull, achieving a 5,169x return on a 3 SOL initial investment.
Lookonchain highlighted that the developer sold 68 million Neiro tokens for 15,511 SOL ($2.85 million) through multiple wallets and sent 10 million Neiro to a dead wallet, leaving an unrealized profit of $1.8 million.
The dev of $Neiro has made 15,508 $SOL($2.85M) with only 3 $SOL($552), a gain of 5,169x!😱
— Lookonchain (@lookonchain) July 28, 2024
He spent 3 $SOL($552) to buy 97.5M $Neiro when deploying $Neiro.
Then he sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M).… pic.twitter.com/0PBP6gpJ0e
This action suggests a rug pull, where insiders dump their tokens and abandon the project.
Additionally, memecoin trader Zack Ventura predicted a new bull cycle for memecoins, noting an index tracking top memecoins against Bitcoin since December 2023.
The Solana-based Dogwifhat (WIF) surged 41% weekly, reaching a new monthly high.
Meanwhile, celebrity memecoins like JENNER, DAVIDO, and RICH have plummeted, harming the industry’s reputation.
Jason Derulo’s JASON token and Andrew Tate’s Daddy Tate (DADDY) memecoin faced allegations of insider trading and misleading promotions.
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