Vitalik Buterin's NEIRO Sale Sends Memecoin on Wild Ride

Published at: August 08, 2024

Memecoin's Wild Ride After Vitalik Buterin Sells His Airdrop


Just days after NEIRO reached its peak after giving away 4% of its total supply to Ethereum co-founder Vitalik Buterin, the price of some obscure memecoin suddenly plummeted in an immediate downturn. On August 4, it took the erratic step of donating to Buterin 4% of the total supply of the NEIRO token, making him the biggest holder. In less than an hour, Buterin had sold all his NEIRO for a value of 44.5 Ether, some $103,000 at the time, trading 17.1 billion NEIRO.

NEIRO Price Drop and Rebound


After Buterin's sell-off, the price of NEIRO dropped by 60%, sparking panic among investors. But instead of going down to zero, the price of the token took off at a gallop. According to data from DexScreener, NEIRO rose by over 200% in just two days, reaching an absolute maximum of $0.000038 on August 5. Such an unexpected and persistent trend is applicable within the cryptocurrency market, mainly with meme coins.

As for the team behind NEIRO on Ethereum, they responded to the sale of Buterin's NEIRO on Twitter by laughing and saying, "Hey @VitalikButerin, we see you sold your $Neiro bag Our humble request is that you donate part of the proceeds to a stray dog shelter. And thank you for building our playground!" This sort of benign playfulness epitomises the light-hearted and truly speculative essence of most memecoin projects.

NEIRO's Unique Case in a Sea of Memecoins


NEIRO is just a run-of-the-mill case. Most token projects try to gain legitimacy by any means necessary, like working with big names or trends. CoinGecko lists four different NEIRO tokens, each having several versions on platforms like Uniswap, so some of them might be outright scams. And indeed, that is what happened, as was reported by X on July 28 in a piece by Lookonchain—a NEIRO developer on Solana had pulled the rug, taking off with a reported $2.85 million. Blockchain analyst "Wazz" has come out to warn investors about the largest NEIRO token on Ethereum, which is a honeypot.

Issues plague the Memecoin Market


Despite the rapid rise of NEIRO, the whole memecoin market has issues. The market cap for meme tokens dropped by about 16% in the past 24 hours to $35.8 billion. Tokens such as Pepe, Dogwifhat $WIF, Floki $FLOKI, and Book of Meme $BOME lost about 18% to 20%.

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Shubham Sahu
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