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The dump of the Neiro token by Vitalik Buterin shows the influence and impact high-profile figures can have on these meme assets.
Ethereum co-founder Vitalik Buterin has sold all the Neiro tokens given to him by the developers of the meme coin. This occurred after the Neiro team sent 4% of its total supply, 17.145 billion Neiro, which was worth $130,000 at the time the token was sent, making him the largest holder.
Vitalik took the decision to sell all his 17.1 billion NEIRO tokens, exchanging them for 44.5 ETH worth around $103,000 at the time, which caused the token to plummet as it fell by around 60%.
The Aftermath and the Neiro Team’s Response
However, despite the Ethereum co-founder’s initial dumping, which many thought was a big blow to the meme coin. However, Neiro token has seen a 10% recovery in the last 24 hours based on data from CoinGecko.
Moments after the selloff, the Neiro team posted an open letter to Buterin on their X page, asking him to donate part of the sale proceeds to a stray dog shelter.
Hey @VitalikButerin, we see that you sold your $Neiro bag.
Our humble ask is that you donate part of the proceeds to a stray dog shelter.
And thank you for building our playground!
— Neiro on Ethereum (CTO) (@neiroethcto) August 5, 2024
The Neiro team initially donated $1600 to a stray dog shelter in Japan, Chibawan, as part of their contribution to the planet.
Vitalik’s act has received backlash from fans of the Neiro meme coin. A crypto commentator on X, ONIGIRI, stated that he supports the principle of decentralization associated with blockchain. Hence, no single developer should have the authority to disrupt a project, not even Vitalik. However, other contradicting opinions suggest that the token might not be real.
The Volatile Nature of Meme Coins in the Broader Market Downturn
The Neiro token is built on the Ethereum blockchain and has been tagged by developers as an heir to Dogecoin. The meme coin was also inspired by Kabosu, the sister of Shiba Inu. It is necessary to note that there are several meme coins with the name Neiro on the crypto market, but the token sold by Vitalik is built on ETH.
The dump of the Neiro token by Vitalik shows the influence and impact high-profile figures can have on these meme assets. A good example is how Elon Musk pushed DOGE to hit its all-time high. During this period, DOGE became much more popular, with many people thinking it would become a utility token for institutional investors.
The Neiro saga shows the volatility associated with meme coins, which have been hit hard in the broader market downturn. Prominent tokens like Pepe, Dogwifhat, and Floki have all dropped in the past 24 hours. PEPE decreased by over 24%, WIF 18%, and FLOKI 18%.
