A trader in the cryptocurrency market has just achieved an impressive 100-fold return by trading in the meme coin, First Neiro (NEIRO).
According to data shared by the blockchain analysis platform Arkham on September 16, this trader initially invested $16,550 in NEIRO, which later grew to $1.8 million in approximately eight weeks.
The trading strategy utilized by the investor involved early accumulation of promising meme coins post-launch, leading to an anticipatory price surge. In this case, NEIRO was acquired within 48 hours of its market debut.
The remarkable surge in returns for NEIRO was triggered by its listing on Binance, where the trader presently holds 4.599 billion NEIRO tokens valued at $1.82 million—showcasing a remarkable gain exceeding 100 times the initial investment.
The positive momentum for First Neiro originated in its market appearance in early August, with a significant boost observed following an announcement by Binance on September 16 regarding the token’s listing.
The surge in NEIRO’s value skyrocketed by over 700% within hours, propelling its market cap to $150 million. As of the latest data available, the token has experienced an 8,400% increase, trading at $0.00039.
The buzz surrounding the Binance listing created some confusion within the NEIRO community due to the existence of a NEIRO token in the exchange’s futures products, which differed from the newly listed NEIRO’s contract address.
Moreover, the controversy has not been exclusive to NEIRO, as multiple coins sharing similar names have surfaced in the market. The creation of NEIRO tokens was influenced by Neiro, a dog associated with Kabosu, the mascot of Dogecoin. NEIRO tokens have been launched on various blockchains, sparking discussions within the community on the legitimate representation of Neiro.
This trade exemplifies the potential profitability of meme coins when navigated effectively by traders, notwithstanding the significant volatility associated with trading them. It is crucial for investors to conduct thorough research to scrutinize project authenticity and the entities backing them to mitigate risks.
Please note that the information provided should not be interpreted as investment advice. Investment activities entail speculative risks, risking the capital invested.
You can find the original article “Crypto trader turns $16k into $1.8 million in eight weeks” on Finbold’s website.