According to CoinDesk, the announcement of a new Shiba Inu dog named Neiro by the owner of Kabosu, the dog that inspired Dogecoin, has led to the creation of numerous NEIRO tokens on the Solana blockchain. Two prominent NEIRO tokens emerged, with one initially reaching a $100 million market cap before a sell-off occurred as communities debated which token was the actual NEIRO.
The trading activity surrounding these tokens propelled Solana's on-chain volumes to surpass those of Ethereum, with the NEIRO token deployer profiting $5.4 million from the token's popularity. Neiro's owner has distanced herself from the drama and warned users to be cautious of potential token scams.
Kabosu, the original Shiba Inu that inspired Dogecoin and other dog-themed memecoins, passed away in May at the age of 17. Her owner, known as @Kabosumama, adopted Neiro, a ten-year-old Shiba Inu, and announced the new addition to her family on X. Initial reactions were supportive, but the situation quickly turned into a frenzy of NEIRO token launches on Solana.
Hundreds of Neiro-themed tokens were issued, with one reaching tens of millions in market capitalization. However, traders later discovered that another token was the first to exist, causing a shift in dynamics and a brief sell-off. This led to significant trading activity, with two Solana tokens themed after Neiro amassing a cumulative trading volume of $340 million.
The surge in trading volumes pushed Solana to the forefront of blockchain activity, surpassing Ethereum. Solana recorded $1.8 billion in trading volumes on both Sunday and Monday, while Ethereum's volumes were under $1 billion. The deployer of the more popular NEIRO token profited at least $5.4 million by buying a large chunk of the initial supply and selling as the token went viral.
As of Tuesday, both NEIRO tokens are actively traded and listed on exchanges, with each community claiming to be the real one and aiming to replicate Dogecoin's success. However, Neiro's owner has clarified that none of the tokens are legitimate and warned users to be wary of scams. She stated that she does not endorse any crypto project except for @ownthedog $dog, which owns the original Doge photo and intellectual property, and is committed to charitable works and Doge culture.