On August 4, Vitalik Buterin, Ethereum’s co-founder, bought his total stash of 17.1 billion Neiro (NEIRO) tokens, which he obtained as an airdrop.
The sale, amounting to 44.5 Ether (ETH) value roughly $103,000 on the time, led to a direct 60% drop in NEIRO’s worth.
Buterin Triggers Panic Promoting
The memecoin, which tried to leverage Buterin’s fame by airdropping 4% of its provide to him, noticed its worth plummet as quickly because the sale was seen by the market. Based on Etherscan knowledge, the fast switch from Buterin’s pockets triggered panic amongst traders, resulting in a pointy sell-off.
Surprisingly, the story didn’t finish with the dump. Simply hours after the preliminary crash, NEIRO skilled an sudden rally. The token surged greater than 200%, reaching an all-time excessive of $0.000038 on August 5.
This rebound was tracked by DexScreener, which highlighted the speedy restoration in NEIRO’s value. The Neiro on Ethereum (CTO) account, related to the token, even posted a message to Buterin, asking him to donate a part of the proceeds to a stray canine shelter.
Neiro Clears the Air
In an X submit, Neiro clarified that the tokens given to Ethereum co-founder Vitalik Buterin weren’t a part of a strategic transfer by Neiro however had been distributed by the unique developer who left the undertaking.
Neiro has highlighted it’s a community-driven undertaking with no hyperlinks to the unique developer and doesn’t use market makers or bots to control costs. The submit additionally emphasizes that Neiro grew to become the primary Neiro token on Ethereum and contributed $1,600 to the Chibawan stray canine shelter.
