Neiro on Ethereum (NEIRO) will use ChainLink’s cross-chain technology to spread to other networks. Initially, NEIRO will have official cross-chain versions on Ethereum and Base.
Neiro on Ethereum (NEIRO), one of the most distributed meme tokens, will partner with ChainLink (LINK) for its multi-chain presence.
ChainLink’s Cross-Chain Interoperability Protocol (CCIP) replaces bridges, which are one of the riskiest smart contracts. Neiro on Ethereum follows the example of Ronin, which will also replace its main bridge with CCIP.
Neiro has now been updated to the @chainlink standard for cross-chain interoperability on @base and @ethereum!
By upgrading NEIRO to the Cross-Chain Token (CCT) standard via Chainlink CCIP, we can expand our reach across the entire multi-chain ecosystem. https://t.co/EJGnh50O86 pic.twitter.com/0LG7Or898N
– Neiro on Ethereum (@NeiroOnEthereum) December 23, 2024
ChainLink will offer reliable oracle information for on-chain NEIRO trading. The asset will now have a presence on both Ethereum and Base, reaching a broader user base. With this move, NEIRO will compete with its other versions such as community-owned NEIRO.
For CCIP, the tokenless Base blockchain is the main source of fees. CCIP also connects the main L2 on Ethereum, Arbitrum and Optimism, as well as other L1 protocols, BSC and Avalanche. CCIP is making one of its first forays into meme tokens, which are typically simply recreated on the new chain or connected via existing smart contracts.
NEIRO on Ethereum, however, will have to compete with a total of seven existing Base tokens with a similar symbol. The token has a setup that may allow it to stage a breakout, but may face headwinds in the meme space.
NEIRO on Ethereum may have to rebuild its appeal as some of the big players whales it divested completely in November.
NEIRO still trading on DEX, depending on Oracle data
This version of Neiro on Ethereum needs price information from Oracle as most of its trades are done through Uniswap and other DEXs. NEIRO on Ethereum lacks a Binance spot pair, although it does have a derivative perpetual futures market.
The token retains its usual range of owners, spread across 21,352 wallets. With that number, NEIRO lags behind other hyped memes, which amassed larger user bases much faster. However, NEIRO had more time to establish its brand and liquidity, raising hopes of becoming a lasting meme.
The competing token, NEIRO, still has over 21,000 holders, plus a spot pair on Binance. This asset runs strictly on Ethereum, although it now relies on Binance for over 30% of its trading activity.
NEIRO on Ethereum is still lagging, with a total market capitalization of $43 million, about 10% of the community version, due to low supply. The ChainLink partnership can boost FOMO for this asset while also elevating it to the ranks of top tokens.
The current competitive game among memes is for those who easily reached $500 million in notional value, with a bid to reach $1 billion. At this stage, NEIRO partnerships may be an effort to regain visibility and attractiveness.
whale wallets still controls NEIRO
NEIRO started with the reputation of a fair coin. Even after months of trading, market maker Wintermute controls 12.06% of the total supply, making it the third largest wallet.
NEIRO is held in connected wallets, with a significant stake accumulated by Wintermute. | Source: Bubble Maps
In addition to Wintermute, the NEIRO supply is held in connected wallets, which can be traded as hidden whales. Wintermute has been accumulating the token for months, doubling its holdings since September. The token now awaits further listings and representation as Wintermute wallets remain dormant for now in preparation for possible high-speed trading.
NEIRO’s move to Base will attract a different class of users as the chain was marketed for its fun aspect with low fares. The NEIRO version on Ethereum competes with many other similar copies of the meme, which have achieved greater organic growth.
For now, NEIRO has taken a more curated path, although it still requires long-term retention from its community. A NEIRO breakout becomes more difficult due to the confusion and lack of recognition of this specific token.
The NEIRO community on Ethereum was also weighing down the coin as they were losing patience in absorbing losses while eyeing other meme tokens. NEIRO on Ethereum is not yet a cult, although it has focused on long-term holding.
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