A fortunate meme coin investor has made over $1 million in profits from the breakout meme coin Neiro ($NEIRO), which continues to surge following its recent listing on Binance.
According to on-chain data from AI-powered blockchain analytics firm Spot On Chain, the trader swapped 1,003 $ETH for 2.86 billion $NEIRO last Wednesday.
Previously, this investor had gained $145 million from Shiba Inu ($SHIB) during 2021-2022.
In just five days, this early $SHIB buyer has seen an unrealized profit of $1.07 million (+46%) from $NEIRO as its price keeps climbing.
This whale has profited from two of their four recent investments, marking significant success in their crypto portfolio.
Rapid Growth in Neiro ($NEIRO)
Within five days, the lucky wallet holder’s $NEIRO investment grew by $1.07 million.
As of yesterday, the investor also gained $1.7 million from a $3.45 million $FET trade that occurred on August 31, though this win doesn’t fully offset an $11 million loss from a recent $SHIB trade.
Neiro’s Explosive Growth
Thanks to its listing on Binance, Neiro ($NEIRO) quickly reached a half-billion-dollar market cap, positioning itself as the ninth-largest meme coin by market capitalization.
Like other meme coins such as Dogecoin and Shiba Inu ($SHIB), Neiro is based on Kabosu, the Shiba Inu dog behind the viral doge meme.
At one point, Ethereum co-founder Vitalik Buterin held 4% of Neiro’s supply, valued at $130,000 on August 3, after the project airdropped 17.145 billion $NEIRO tokens to him.
However, Buterin sold his entire holdings on August 5, leading to a price decline. Since then, Neiro has rallied 200% due to its Binance listing.
Market Performance
Since its debut on Binance, $NEIRO’s price jumped to an all-time high of $0.001327. However, it has since retraced 9.8%, with a relative strength index (RSI) of 52, suggesting the rally may be losing momentum as traders take profits.
New Meme Coin Pepe Unchained ($PEPU)
While Neiro’s meteoric rise has caught the attention of meme coin enthusiasts, its adherence to the Doge formula leaves little room for innovation.
In contrast, degens are focusing on Pepe Unchained ($PEPU), a new meme coin based on Pepe.
Pepe Unchained entered presale this summer, raising $15 million. The coin is unique because it’s the first Pepe token running on a proprietary Ethereum Layer 2, which offers significant speed and cost advantages.
Ethereum, despite being one of the most significant blockchains, processes only about 15 transactions per second (tps), leading to high fees and congestion. Layer 2 solutions aim to alleviate these issues, and $PEPU is the first meme coin to capitalize on this technology.
Thanks to its Layer 2 architecture, $PEPU transactions are faster and cheaper than Ethereum, offering stakers higher rewards (currently 141%) compared to other Layer 1 meme coins.
For more updates, you can follow Pepe Unchained on their official X and Telegram channels or visit their website.
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