78% of pre-allocated tokens

There's a new meme coin in town – Nero. But experts have already raised red flags on it.

According to blockchain data platform Bubblemaps, there has been significant insider trading activity on the Ethereum blockchain with Nero.

Insider Trading by NEIRO on Ethereum

Nero Meme coin on Ethereum has been found to be controlled by select insiders.

At the token launch, 78% of the supply was quickly acquired by 80 addresses, each of which received approximately 1% of the total due to holdings. In an update to X, Bubblemaps has “concentrated” the tokens across 400 different wallets to remove more than $3,000 worth of tokens at once, to keep these addresses anonymous and reduce the impact of their sales.

This strategic spread of the strategy made it challenging to accurately calculate the resulting profit. Despite this, Bubblemaps estimates that the insiders sold 11.7 percent of their holdings, generating roughly $4.5 million, and still control 66 percent of the token's supply.

Origin of NEIRO and subsequent price increase

Neiro is based on the caboose, whose photo is the pet dog that gave birth to the OG meme coin – Dogecoin (DOGE). The website Nero said, “The sister of the OG DOGE, Kabosu, here to make history on the Ethereum chain!”

Cabosu's owner's new Shiba Inu pet “Niro” was announced on X, which prompted the launch of several NEIRO tokens on Solana, fighting each other, to replicate DOGE's success.

Nero's owner went by the pseudonym “Cabosumama” but distanced himself from the meme coins that emerged over time.

Meanwhile, NEIRO has quietly managed to attract the attention of the community on Ethereum.

Since its launch in less than a week, the price on Ethereum has risen to $0.20 before settling at around $0.16 at the time of writing. According to CoinMarketCap, it is one of the 20 most valuable meme coins and has recorded over $35 million in trading volume in the last 24 hours.