Solana

Neiro

The developer of the Solana-based Neiro memecoin has made a $2.85 million profit in an apparent rug pull.
The developer wallet made the $2.85 million profit after printing an over 5,169-fold return on his initial investment of just three Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) tokens worth over $550.
The developer initially invested in the Solana-based memecoin when deploying the token contract, <a href="https://x.com/lookonchain/status/1817416920351834593" target="_blank" rel="noopener noreferrer nofollow">according</a> to a July 28 X post by Lookonchain:
<blockquote data-ct-non-breakable="true">
 “He sold 68M $Neiro for 15,511 $SOL($2.85M) through multiple wallets, with a realized profit of 15,508 $SOL($2.85M). He also sent 10M $Neiro to the dead wallet, leaving 19.5M $Neiro($1.8M), with an unrealized profit of $1.8M!”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/3b61cf6e-9a27-467e-b34a-bc06e4c14806.jpeg" alt="Neiro memecoin developer makes $2.85M profit after apparent rug pull ">
 <figcaption style="text-align: center;">Neiro/SOL, developer wallet selling. Source: <a href="https://x.com/lookonchain/status/1817416920351834593/photo/2" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a>
 </figcaption>
</figure>
The developer wallet selling its holdings could be a sign of a potential rug pull, crypto slang for an exit scam that involves insiders quietly selling a large part of their token allocation and exiting the project.
Related: <a href="https://cointelegraph.com/news/bitcoin-open-interest-394b-breakout-imminent" rel="noopener noreferrer nofollow">Record $39.4B Bitcoin open interest suggests imminent price breakout</a>
This is a developing story, and further information will be added as it becomes available.

Neiro memecoin developer makes $2.85M profit after apparent rug pull

Cointelegraph

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