The memecoin took a big hit after Vitalik Buterin sold his entire 17 billion Neiro airdrop. However, in an unexpected twist, its value surged by 200% shortly afterward.
Despite Buterin dumping the token, the memecoin saw a significant increase in value, likely due to its attempt to leverage Buterin’s fame for attention.
Memecoin Experiences Wild Price Swing After Vitalik Buterin’s Airdrop Sale
A relatively unknown token tried to boost its credibility on August 4 by airdropping 4% of its supply to Ethereum co-founder Vitalik Buterin, claiming him as the largest holder. However, shortly after receiving the airdrop, Buterin sold his entire 17.1 billion NEIRO memecoins for 44.5 ETH, worth approximately $103,000 at that time.
This immediate sale caused the token’s value to plummet by about 60%, as the market reacted to the sale. Despite this initial drop, the Neiro (NEIRO) token has since surged over 200%, reaching an all-time high of $0.000038 on August 5, according to DexScreener data.
Neiro Token Volatility and Memecoin Market Decline
The NEIRO memecoin experienced significant volatility recently. After airdropping 4% of its supply to Ethereum co-founder Vitalik Buterin, claiming he was the largest holder, Buterin quickly sold his entire 17.1 billion NEIRO stash for 44.5 ETH, worth about $103,000 at the time. This sale caused the token’s value to plummet by around 60%.
However, the token later surged over 200%, reaching an all-time high of $0.000038 on August 5. In response, the Neiro on Ethereum (CTO) account requested Buterin to donate part of his proceeds to a stray dog shelter, thanking him for his influence.
There are multiple NEIRO tokens listed on CoinGecko and Uniswap, with concerns about potential scams. A Solana-based NEIRO token’s developer reportedly profited $2.85 million from a rug pull, and warnings about the Ethereum NEIRO token being a honeypot were issued.
In the broader memecoin market, total market capitalization has fallen by 16% to $35.8 billion over the past 24 hours. Major memecoins like Pepe (PEPE), dogwifhat (WIF), Floki (FLOKI), and Book of Meme (BOME) have each dropped between 18% and 20% in the same period.
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