- The memecoin market witnessed a sudden stir following the announcement of a new dog adoption.
- The Shiba Inu dog, Kabosu, known as the inspiration behind Dogecoin, passed away in May, causing significant volatility in DOGE at the time.
- Recently, Kabosu’s owner revealed that they had adopted a new dog named Neiro, which led to the creation of numerous memecoins, though their originality remains uncertain.
An unexpected turn has shaken the memecoin market following the adoption of a new dog by Kabosu’s owner, who inspired Dogecoin.
Neiro’s Entry into the Memecoin Market
Neiro, the newly adopted dog by Kabosu’s owner, has caused a significant buzz in the memecoin market. The owner declared their support exclusively for the OwnTheDoge project due to its connection to the original Doge photo and contract address. OwnTheDoge has transformed the iconic image into a DOG coin by dividing it into parts.
Market Reactions and Token Proliferation
Despite the prevailing uncertainty, several Neiro tokens have been launched on the Solana blockchain. Remarkably, within just three hours, one of these tokens achieved a market capitalization of $89 million. On the same day, debates erupted among crypto investors regarding the authenticity of the Neiro token, as another token with the same name and symbol was also launched, attaining near $90 million market cap an hour earlier.
Influence of Popular Traders
Ansem, a renowned trader in the Solana ecosystem with nearly 500,000 followers, heightened the volatility around Neiro by enthusiastically promoting it on Twitter. Ansem’s endorsement not only spotlighted the “new DOGE” but also caused significant fluctuations across similar projects.
Conclusion
In summary, the memecoin market has once again demonstrated its susceptibility to sudden surges and volatility triggered by seemingly simple events. The adoption of Neiro has resulted in the rapid creation and contentious discussion of various tokens. Investors should exercise caution and conduct thorough research before engaging in such high-risk investments.
