"Dog King" becomes "Rat King": NEIRO's insider trading share reaches 130 million US dollars, and KOLs collectively promote it

Original title: "New "Dog King" NEIRO's Rat Warehouse Routine: Mixer Buys 70% of Tokens with a Maximum Value of $130 Million, KOLs Collectively Call Orders to Create FOMO"

Original Author: Frank, PANews

 

MEME coin's RUG routine is changing, and a new type of bundled rat warehouse technique is becoming more and more common.

 

On July 31, Bubblemaps revealed that there were a large number of internal rat warehouses in the $NEIRO tokens issued on Ethereum, with about 78% of the tokens being allocated in advance and then transferred to more than 400 wallet addresses. Even in the case of being exposed, the price of NEIRO tokens continued to rise under the severe FOMO sentiment, with a market value of over $170 million. According to the market value of $170 million on August 1, NEIRO's share of rat warehouses will be as high as $130 million, which can be called the largest rat warehouse among MEME coins.

 

Funds buy 70% of tokens in batches from mixers

 

NEIRO is the name of the rescue dog recently adopted by the owner of the deceased Shiba Inu Internet celebrity Kabosu, the prototype of Dogecoin. Once it was made public, this name became the new favorite of MEME. People tried to replicate the miracle of Dogecoin. On public chains such as Ethereum and Solana, multiple tokens with the same name were issued at the same time. As of August 1, NEIRO on Ethereum seems to have become the new "dog king", with a market value of $160 million. But behind this high market value is a boost full of routines and a crisis of more than 70% of rat warehouses.

 

PANews analyzed the suspected insider trading addresses of NEIRO tokens and found that these addresses were not related on the surface. In fact, tracing the source of funds of these addresses revealed that the initial funds of these addresses all came from a mixer address marked as Cointool, and the funds were transferred in at 22:13 (UTC time) on July 27, and the amount transferred was basically around 0.05 Ethereum.

 

 

Then, at 22:30 on July 27, within less than 1 minute of NEIRO issuance, these addresses simultaneously purchased about $100 of NEIRO (as the market value changes due to purchases, the purchase quantity of each address is not the same). Such a large number of small-amount purchases in a short period of time also made NEIRO tokens quickly stand out on the Ethereum new token rankings. Subsequently, some robots that specialize in targeting new coins and market-making arbitrage robots began to enter the market, quickly "covering" these insider trading behaviors.

 

 

However, PANews tracked down the Cointool currency mixing platform and found that the functions of this platform include batch wallet generation, batch transfer and batch automatic purchase. Developers can easily use these functions to disguise as dozens of purchase addresses and buy at the same time. Taking the address 0x525F78D35De309f0f53311C5A69370597AC86A26 as an example, it cost about $100 to purchase 9.997 million NEIRO tokens, which are currently worth about $1.5 million, with a return rate of about 14,925 times. The tokens were then divided into two transfers to two addresses. As of August 1, most of the NEIRO tokens in the addresses have not been sold. On the one hand, it may be to avoid attracting attention (after all, the current holding amount of 0.5% is close to $750,000). On the other hand, the operators have not yet transferred Ethereum tokens to these split addresses to pay for the transaction gas.

 

 

Multiple Japanese KOLs help

 

Of course, the advantages of using mixers to hide rat positions are not limited to this. In the subsequent publicity, the project party also promoted the number of addresses brought by these rat positions as the main publicity point on social media. The third official Twitter post reads: "Our good girl $NEIRO has exceeded 500 holders, with a trading volume of nearly $4 million and is currently popular on @DEXToolsApp."

 

A token with a market value of $160 million is not simply achieved by relying on a mixer. In addition to insider trading, NEIRO also received a lot of support from KOLs, especially Japanese.

 

 

With the help of KOLs with tens to hundreds of thousands of fans, such as @apipiro22, @mikky_8080, @yukimaru_potty, @BrotherMKT, @KookCapitalLLC, and @OfficialTravlad, the price of NEIRO has also risen, and it has been successfully listed on exchanges such as MEXC, XT, Poloniex, and LBank.

 

Interestingly, after Bubblemaps exposed the insider trading of NEIRO tokens, several KOLs who shouted orders also appeared in the comment section of Bubblemaps, hitting back at Bubblemaps and saying that the team's control of the tokens is a bullish signal.

 

 

No one cares about the insider trading, but the real reason is to pull the price?

 

In fact, after the insider trading incident was exposed, the price of NEIRO tokens was not greatly affected, but rose all the way, from a market value of 70 million to 170 million US dollars. According to the latest statistics from Bubblemaps, the insider trading still holds about 66% of the tokens, with a value of more than 100 million US dollars.

 

Image source: Bubblemaps

 

The team spent a total of about 10,000 US dollars in the early stage, and the overall profit exceeded 10,000 times.

 

However, as the address was exposed, the shipment of the insider trading seemed to have become a big problem. The operator is currently gradually selling the tokens by dispersing more wallets or transferring them to centralized exchanges. I just don’t know how much of NEIRO’s market value will be left after these 66% of tokens are sold?

 

NEIRO’s bundled rat warehouse is not new. On July 24, blogger @plonkbot said that almost half of the issuances of Pump.fun on the Solana chain have this kind of bundling behavior. And after PANews’ observation, it can be seen that the token transactions on Pump.fun have indeed been occupied by a large number of robots. Open a newly issued token at random, and you will find that there are a large number of robots trading. For ordinary retail investors who cannot effectively use robot tools, MEME does not seem to be a friendly place to dig for gold.