In a recent success story of cryptocurrency trading, an investor experienced a remarkable 100-fold return by engaging in transactions involving the meme coin First Neiro (NEIRO).
According to data sourced from blockchain analysis platform Arkham on September 16, the trader initially put $16,550 into the token, and after holding onto their position for about eight weeks, their investment blossomed into $1.8 million.
The strategy employed by the trader was centered around seizing opportunities early in the market cycle of promising meme coins, with a particular interest in the NEIRO coin that was acquired within 48 hours of its initial launch.
The turning point for the investor came when NEIRO was listed on Binance, causing a surge in its value. At the time of the report, the investor held 4.599 billion Neiro tokens, which translated to a value of $1.82 million—representing over a 100-fold increase from the initial investment amount.
First Neiro entered the market in early August, and its recent surge can be attributed to the announcement made by Binance on September 16 regarding the listing of the spot version of the token.
This listing led to a momentous rally for the Shiba Inu-inspired meme coin, driving its market capitalization to $150 million with a spike of 8,400%, currently trading at $0.00039.
The Binance listing caused some confusion within the Neiro community due to the existence of a NEIRO token in the exchange’s futures product with a different contract address. The ongoing debate has extended beyond the community as various tokens with similar names have emerged, prompting discussions about the authentic representation of Neiro.
This trade serves as an exemplar of the potential gains associated with investing in meme coins, showcasing the substantial profits that traders can achieve when opportune timing aligns with strategic decisions. However, the market’s volatility underscores the importance of comprehensive research in assessing the legitimacy of projects and entities involved in the cryptocurrency landscape.
Please note that this information does not constitute investment advice, as investing involves risks that could result in a loss of capital.