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!”
Neiro memecoin developer makes $2.85M profit after apparent rug pull image 0 Neiro/SOL, developer wallet selling. Source: Lookonchain

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.

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This is a developing story, and further information will be added as it becomes available.