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 ( SOL ) tokens worth over $550.
The developer initially invested in the Solana-based memecoin when deploying the token contract, according to a July 28 X post by Lookonchain:
“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!”
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: Record $39.4B Bitcoin open interest suggests imminent price breakout
This is a developing story, and further information will be added as it becomes available.
