The post Neiro Memecoin Controversy: Who Will Own the Official Token Rights? appeared first on Coinpedia Fintech News
Memecoins, which started as a joke, have now become key players in the market. Interestingly the memecoin market cap surpassed $140 billion. Investors who were eyeing memecoins are in hot waters with a recent controversy over their licensing rights.
The story revolves around, the iconic Doge meme, born from the Shiba Inu dog Kabosu, which continues to leave its mark on the crypto world. After Kabosu passed away, her owner, Atsuko Sato, adopted a new Shiba Inu named Neiro, which quickly became a symbol in the meme coin space. Following the news many Neiro-themed coins started flooding the market each claiming the identity of the original coin.
Amid this IP mania, the Own the Doge DAO, a collective focused on preserving the legacy of the Doge meme, secured the official intellectual property (IP) rights for Neiro directly from @kabosumama. This move has put the DAO in a unique position to decide which Neiro token should be recognized as the “official” one, bringing clarity to all the Neiro-themed coins. This will help the community to stay safe from scams and fraud.
We’re pleased to announce that @kabosumama has officially granted our DAO the Neiro IP.
When Atsuko revealed the name of her new adopted dog, Neiro, many tokens were launched in an attempt to capitalize on her name and story. However, since then, these various tokens have… pic.twitter.com/HCAL0ghCNS
— Own The Doge
(@ownthedoge) December 16, 2024
To ensure a fair and decentralized decision-making process, the DAO will allow DOG token holders to vote on which token deserves the official title. Sato retains veto power, ensuring that the final decision aligns with her vision for Neiro’s legacy and the integrity of the Doge community.
The entire community cheered this move.
The love myself and the community for Neiro is unconditional, and uncomplicated.
Our biggest mission is to make sure Neiro follows the footsteps of Doge, with the fun and fairness for all, we meme everyday, we protect everyday, and most off all, we do whatever it takes to keep… pic.twitter.com/aKVCFr3Sz9
— CryptoLogic
(@Lebologic) December 17, 2024
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Crypto Impact
The stakes are high in this decision. One of the Neiro tokens, based on Ethereum, boasts a market cap of $663 million, while others, such as the Solana-based token, are valued at around $5 million. The outcome of this vote could dramatically reshape the landscape of Neiro-inspired meme coins, potentially elevating one token to dominance or rejecting all contenders.
Recently the creator of Peanut the Squirrel, Mark Longo, sent a letter to Binance, accusing them of using his trademark without permission. Sparking debates over all memecoins legitimacy and legal rights. Since like altcoins, people are investing hugely in memecoins and such news can break this bullish momentum.
We need to wait and watch what shape this digital dog war takes in the future.
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Atsuko Sato, Kabosu’s owner, transferred the Neiro meme’s IP rights to the Own the Doge DAO for official token recognition.
