Memecoin Plummets and Later Surges To an ATH After Vitalik Buterin Dumps Airdrop Stash

Meme coin Neiro on Ethereum (CTO) witnessed a steep decline before hitting an all-time high (ATH). Notably, the token tried to gain traction in the industry by using Ethereum co-founder Vitalik Buterin's fame.

The meme coin made Buterin its largest token holder by airdropping 4% of its total supply to him. Meanwhile, Buterin dumped all the stash, triggering a drastic 60% decline in NEIRO's price.

However, the token quickly recovered with over a 200% surge to hit an ATH.

NEIRO Surges to Hit ATH After a Drop as Vitalik Buterin Bails Out

The new dog-themed meme coin, Neiro on Ethereum, saw a staggering 200% increase in its price to hit an ATH after a drastic 60% drop.

The coin's trend started following attempts to gain popularity by using Ethereum co-founder Buterin's fame. Though Buterin bailed on the coin, its latter price pattern indicated a positive overturn.

On August 4, the project airdropped about 4% of its total supply to Buterin, making him its largest token holder.

We are the people's $Neiro, on the people's chain, @ethereum.

And a little fun fact: @VitalikButerin is currently our largest holder. (4% of supply, ~$130k value as of the time of this post)

- Neiro on Ethereum (CTO) (@neiroethcto) August 3, 2024

The project stated: And a little fun fact: @Vitalik Buterin is currently our largest holder. (4% of supply, $130k value as of the time of this post)."

However, Buterin disposed of all airdropped NEIRO stash within an hour of receipt. During the period, the Ethereum co-founder swapped 17.1 billion NEIRO coins for 44.5 ETH, worth about $103,000.

Consequently, the First Neiro on Ethereum's price crashed almost 60% due to Buterin's sell-off pressure. However, the southward trend was short-lived.

According to data from DexScreener, NEIRO rebounded within the next few hours, with an over 200% increase, reaching an all-time high of $0.000038 on August 5.

Meanwhile, the meme coin developers have acknowledged Buterin's sell-off of the tokens and urged the founder to donate some of his sales proceeds to a stray dog shelter.

The project wrote: 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!"

Several Versions of Neiro Tokens Flood the Crypto Market

The crypto market is flooded with several versions of Neiro coins. CoinGecko has about four versions, and six different types exist on Uniswap. Some of these include potential scams with Neiro-affiliated accounts in the X platform.

The frenzy around Neiro on Ethereum and its recent spike in activity came after Kabosumana" (Kabosu's owner) adopted a Shuiba Inu dog called Neiro.

Subsequently, many projects based on Neiro tokens emerged in the industry, leveraging the growing hype of this Shiba Inu breed.

However, blockchain investigator Wazz (@WazzCrypto) took to X on July 28 to warn about the growing scams of some Neiro tokens. He stated that the biggest $NEIRO coin on Ethereum is a honeypot.

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