In a recent success story of the cryptocurrency world, an anonymous trader achieved a jaw-dropping 100-fold return by trading meme coin First Neiro (NEIRO).
According to data released by the blockchain analysis platform Arkham on September 16, the trader initially invested $16,550 in NEIRO. In just eight weeks, this investment ballooned to a staggering $1.8 million.
The trader’s strategy involved seizing the opportunity early by acquiring NEIRO shortly after its debut, a tactic that historically yielded positive results with meme coins. The substantial gains materialized following NEIRO’s listing on Binance, propelling the investor’s holdings to 4.599 billion Neiro tokens, valued at $1.82 million – showcasing a remarkable return on the original investment.
First Neiro entered the market in early August, and its recent surge in value can be linked to Binance’s announcement on September 16 regarding the listing of the token’s spot version. This news sparked a rapid 700% increase in NEIRO’s value in a span of just a few hours, pushing its market cap to $150 million. Since its inception, NEIRO has surged by a remarkable 8,400%, currently trading at $0.00039.
The Binance listing stirred some confusion within the NEIRO community due to the existence of multiple tokens with similar names, raising questions about the authentic representation of Neiro. This uncertainty has extended to the broader crypto community, as NEIRO tokens have surfaced on various blockchains like Ethereum and Solana, prompting debates on the legitimate coin honoring Neiro.
The profitable outcome of this trade brings to light the potential windfalls associated with meme coin investments, emphasizing the importance of thorough research to navigate the volatile nature of trading these digital assets. While some traders have reaped substantial profits, others have suffered significant losses, underscoring the need for caution and due diligence in crypto investments.