A cryptocurrency trader has just recorded a 100-fold return through trading meme coin First Neiro (NEIRO).
The unidentified trader invested $16,550 in the token, which turned into $1.8 million after holding their position for about eight weeks, data shared by blockchain analysis platform Arkham on September 16 indicates.
The particulars of the trade indicated that the investor opted for a historically successful strategy of accumulating promising meme coins early after their launch in anticipation of a price rally. In this case, they acquired NEIRO within 48 hours of it hitting the market.
Indeed, the significant returns emerged after NEIRO received a major boost following the meme coin’s listing on Binance. At the time of reporting, the investor held 4.599 billion Neiro tokens, valued at $1.82 million—a gain of more than 100 times the initial investment.
Crypto trader’s NEIRO holdings. Source: Arkham
Explaining NEIRO’s rallyÂ
First Neiro hit the market in early August, and the ongoing momentum can be tied to a September 16 announcement by cryptocurrency exchange Binance on listing the spot version of the token.Â
The news sent the Shiba Inu (SHIB)-inspired meme coin rallying over 700% in hours, with the market cap hitting $150 million. Since the token’s launch, it has spiked by 8,400%, trading at $0.00039 as of press time.
NEIRO all-time price chart. Source: CoinMarketCap
Notably, the Binance listing attracted a fair share of controversy, with the Neiro community expressing confusion, considering that the exchange already offers a NEIRO token in its futures product. The confusion stemmed from uncertainty regarding the actual NEIRO, given that the new listing features a different contract address.
Meanwhile, the controversy around the actual token has also extended to the general community, as several coins bearing similar names have hit the market. It’s worth recalling that NEIRO was inspired by Neiro, a Shiba Inu dog linked to Kabosu, the Dogecoin (DOGE) mascot that passed away in May. Following the mascot’s demise, Kabosumama, Kabosu’s owner, adopted Neiro, triggering the creation of NEIRO tokens in its honor.
As a result, the tokens have emerged on multiple blockchains, including Ethereum (ETH) and Solana (SOL), as the community debates which coin is the authentic one representing Neiro.
Meme coin volatilityÂ
This highlighted trade is among the few meme coin investments that have translated into massive profits for savvy traders. For instance, a cryptocurrency trader turned an investment of $29 into $125,000 in three minutes after investing in a meme coin falsely tied to French footballer Kylian Mbappé, Finbold reported in August.
At the same time, some traders have paid the price of the massive volatility tied to trading meme cryptocurrencies. In one specific instance, a trader turned $80,000 into $1.2 million by trading TikTok-inspired Aura (AURA) tokens before losing it all.
In summary, the mentioned trades highlight the massive returns associated with meme coins, especially when traders time their investments perfectly. However, with some trades suffering enormous losses, thorough research is needed to determine the authenticity of projects and the entities behind them.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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