In a surprising turn of events, $NEIRO on Ethereum has surged by 8% today and over 800% in the past seven days, despite challenging market conditions and a significant whale sell-off.
On-chain reports reveal that Ethereum co-founder Vitalik Buterin sold all his 17.15 billion NEIRO tokens, amounting to 44.42 ETH (approximately $119,000).
Eight days ago, Neiro transferred 17.15 billion NEIRO, which is 4.08% of the total supply, to Buterin, positioning him as the largest holder post-launch in an attempt to bolster the token’s credibility.
Vitalik (@VitalikButerin) dumped 17.15B #MEMEcoin $NEIRO for 44.4 $ETH ($119K) on Ethereum an hour ago.
8 days ago, Neiro transferred 17.15B $NEIRO, or ~4.1% of the total supply, to Vitalik, advertising him as the largest holder.
Follow @spotonchain for more updates for… pic.twitter.com/ypHdKEANyP
— Spot On Chain (@spotonchain) August 5, 2024
However, Buterin’s sale caused the NEIRO price to plummet by 60%, dropping from $0.022 to $0.013. Despite this setback, the token showed resilience, briefly recovering to $0.015 before stabilizing again at $0.013.
VITALIK BUTERIN DUMPS 17.1B NEIRO TOKENS, TRIGGERING 60% PRICE DROP
– Vitalik Buterin recently made headlines by dumping a massive 17.1 billion Neiro memecoins, a token that attempted to capitalize on his fame.
Here’s what happened:
– On August 4, Neiro, a memecoin, airdropped… https://t.co/iJWYF7atgl pic.twitter.com/5e8RLKvlYJ
— BSCN (@BSCNews) August 5, 2024
The Neiro team had hoped to leverage Buterin’s involvement for legitimacy and visibility. Following his unexpected sale, they requested that Buterin donate part of his proceeds to a stray dog shelter, aligning with their charitable goals. Additionally, Neiro plans to create a reserve for future exchange listings and other charitable initiatives.
This episode highlights the volatile nature of the cryptocurrency market, where significant movements by key figures can drastically impact token prices. Despite the initial drop, NEIRO’s remarkable recovery demonstrates strong community support and market resilience.
As NEIRO continues to navigate these turbulent waters, the focus remains on maintaining growth and fulfilling its charitable mission. The team’s proactive approach to turning a potential setback into an opportunity for positive publicity and future development could set a precedent for other projects in the crypto space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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