In an impressive feat, a cryptocurrency trader has multiplied their investment by 100 times by engaging in the trading of meme coin First Neiro (NEIRO).
As per data shared by blockchain analysis platform Arkham on September 16, the trader initially put in $16,550 into NEIRO, which then skyrocketed to $1.8 million within about eight weeks.
The trader’s strategy involved seizing the opportunity to accumulate NEIRO shortly after its debut, a move that has historically proven lucrative for meme coins that show promise early on.
The significant gains materialized following NEIRO’s listing on Binance, propelling the investor’s holdings to 4.599 billion Neiro tokens valued at $1.82 million—marking an astounding increase of over 100 times the original investment.
The meteoric rise of NEIRO can be attributed to the announcement by Binance on September 16 regarding the listing of the token’s spot version, generating a rapid surge of over 700% in just hours and pushing its market cap to $150 million. Since its launch, NEIRO has spiked by a staggering 8,400% and is currently trading at $0.00039.
However, the Binance listing sparked some confusion within the NEIRO community due to the existence of a NEIRO token in the exchange’s futures product, leading to debates over which token truly represents Neiro.
Amid the stir caused by NEIRO, multiple tokens bearing similar names have emerged on various blockchains, prompting discussions within the community to pinpoint the genuine token honoring Neiro.
The substantial profit made from trading NEIRO underscores the potential windfalls associated with meme coins, a domain known for its extreme volatility. While successful trades like this serve as a testament to the profitability of meme coins, caution and thorough research are warranted to navigate the risks tied to such investments.