KEYTAKEAWAYS
- Vitalik Buterin sells entire Neiro airdrop, causing initial 60% price drop.
- Neiro token price recovers, surging 200% to all-time high despite dump.
CONTENT
Ethereum co-founder’s swift sale of 17 billion Neiro tokens initially crashes price, but market rebounds with 200% gain. The incident highlights the volatile nature of memecoins and raises questions about celebrity influence in crypto markets.
In a surprising turn of events, a memecoin named Neiro has experienced a dramatic price surge following Ethereum co-founder Vitalik Buterin‘s decision to sell his entire airdropped allocation.
>> Also read: New Shiba Inu Neiro Debuts: The Next DOGE and New King of Memecoins?
On August 4, the Neiro project attempted to gain credibility by airdropping 4% of its supply to Buterin, making him the largest token holder. However, within an hour, Buterin transferred all 17.1 billion NEIRO tokens, exchanging them for 44.5 ETH, worth approximately $103,000 at the time.
The immediate reaction to Buterin’s sale was a sharp 60% decline in Neiro’s value. Remarkably, the token’s price rebounded, surging over 200% to reach an all-time high of $0.000038 on August 5, according to DexScreener data.
In response to Buterin’s actions, the Neiro on Ethereum (CTO) account posted a message on social media, requesting that Buterin donate part of the proceeds to a stray dog shelter.
The Neiro incident highlights the volatile nature of memecoins and the potential impact of celebrity involvement in the crypto space. It’s worth noting that there are multiple versions of NEIRO tokens across various platforms, raising concerns about potential scams.
This event occurs amidst a broader downturn in the memecoin market, with the total market capitalization falling by 16% over 24 hours to $35.8 billion. Major memecoins like Pepe, dogwifhat, Floki, and Book of Meme have experienced significant losses between 18% and 20%.
Investors are advised to exercise caution when dealing with memecoins, given their high volatility and the potential for market manipulation.
>> Also read:
- Solana’s DEX Volume Hits $2B, Fueled by Neiro Memecoin Craze
- Vitalik Buterin: The Visionary Behind Ethereum
