On July 28, Kabosu's owner introduced her new pet, a 10-year-old Shiba Inu named Neiro.
Kabosu, who passed away in May, was the iconic dog that inspired Dogecoin (DOGE) and sparked a trend of dog-themed memecoins, such as Shiba Inu (SHIB) and Floki Inu (FLOKI).
The introduction of Neiro was met with enthusiastic responses that quickly turned into a race to create Neiro-themed tokens.
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Numerous tokens inspired by Neiro were generated on Pump.fun, a Solana-based platform for creating and trading memecoins. Among these, one token quickly reached a market capitalization of millions of dollars.
However, it was later found that another Neiro-themed token had actually been the first to launch. This caused traders to shift their investments between the two tokens, resulting in a combined trading volume of over $860 million.
Blockchain data platform Bubblemaps revealed that the developer of the more popular NEIRO token earned at least $5.4 million by purchasing a substantial portion of the initial supply through multiple wallets and selling as the token's popularity soared.
In response to the chaos, @Kabosumama took to X to express her disapproval of these tokens and cautioned people to be wary of potential token scams.
This situation highlights the risk of scams in the world of crypto and the importance of doing thorough research before investing in new projects.
In other news, an organizer of the campaign to feature the Solana-based memecoin DogWifHat (WIF) on the Las Vegas Sphere said it is highly likely that the project will succeed.
