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 more widely 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 riskier smart contracts. Neiro on Ethereum follows the example of Ronin, which will also replace its main bridge with CCIP.
Neiro has now upgraded to the @chainlink standard for cross-chain interoperability across @base and @ethereum!
By upgrading NEIRO to the Cross-Chain Token (CCT) standard via Chainlink CCIP, we can expand our reach across the 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 NEIRO trading on-chain. The asset will now build a presence on both Ethereum and Base, reaching a wider user base. With this move, NEIRO will compete with its other versions, such as the 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 usually merely recreated on the new chain, or bridged through existing smart contracts.
NEIRO on Ethereum, however, will have to compete with a total of seven existing Base tokens with a similar ticker. The token has a setup that may allow it to stage a breakout, but it may face headwinds in the meme space.
NEIRO on Ethereum may have to rebuild its appeal, as some of the big whales divested fully in November.
NEIRO still traded on DEXs, dependent on oracle data
This version of Neiro on Ethereum is in need of oracle price information, as most of its trades go through Uniswap and other DEXs. NEIRO on Ethereum lacks a Binance spot pair, though it has a derivative perpetual futures market.
The token retains its usual range of owners, spreading across 21,352 wallets. With that number, NEIRO lags behind other hyped-up memes, which accrued larger user bases much faster. However, NEIRO had more time to establish its brand and liquidity, sparking hopes of becoming a long-lasting meme.
The competing token, NEIRO, still has above 21K holders, plus a spot pair on Binance. This asset is strictly running on Ethereum, though it now relies on Binance for more than 30% of its trading activity.
NEIRO on Ethereum is still lagging, with a total $43M market capitalization, about 10% of the community version, due to low supply. The ChainLink partnership may boost FOMO for this asset while raising it to the ranks of top tokens.
The current competitive game among memes is for those that easily achieved $500M in notional value, with a bid to rise to $1B. At this stage, NEIRO’s partnerships may be an effort to regain visibility and appeal.
Whale wallets still control NEIRO
NEIRO started out with the reputation of a cabal coin. Even after months of trading, the Wintermute market maker controls 12.06% of the total supply, becoming the third-biggest wallet.
In addition to Wintermute, the supply of NEIRO is held in connected wallets, which may trade as hidden whales. Wintermute has been accumulating the token for months, doubling its holdings since September. The token now awaits more listings and representation, as the Wintermute wallets remain inactive for now in preparation for potential high-velocity trading.
The shift of NEIRO to Base will appeal to another class of users, as the chain was marketed for its fun aspect with low fees. The NEIRO on Ethereum version competes with multiple other similar copies of the meme, which have achieved greater organic growth.
For now, NEIRO has gone down a more curated path, though still requiring long-term holding from its community. A NEIRO breakout is made more difficult due to the confusion and lack of recognition of this specific token.
The NEIRO on Ethereum community also weighed the coin down, as they were losing patience in absorbing losses while watching other meme tokens. NEIRO on Ethereum is not yet a cult, though it has focused on long-term holding.
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