Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop
Release: 2024/08/05 14:04 Reading: 819
Vitalik-Backed Memecoin Pumps 200% Despite Founder's Dump
A little-known memecoin that leveraged the reputation of Ethereum co-founder Vitalik Buterin for attention has experienced a remarkable surge in value, despite Buterin quickly divesting himself of the token.
On August 4, the token gained credibility by airdropping 4% of its supply to Buterin, ostensibly portraying him as the largest holder.
Within an hour, however, Buterin sold his entire stash, exchanging 17.1 billion NEIRO memecoins for 44.5 ETH, approximately $103,000.
Buterin's swift sale initially depressed the token's value by around 60%. Surprisingly, the Neiro on ETH (NEIRO) token has since rebounded by over 200%, reaching an all-time high of $0.000038 on August 5.
Amidst this volatility, the Neiro on Ethereum account associated with the token appealed to Buterin, requesting that he donate a portion of his proceeds to a stray dog shelter.
Multiple NEIRO tokens and variations exist on various platforms, raising concerns about potential scams. Additionally, a Solana-based version of Neiro was implicated in a rug pull worth $2.85 million.
Independent blockchain investigator "Wazz" issued a warning about the "biggest Neiro token on Ethereum" being a potential honeypot in late July.
In the broader market, memecoins have been facing a downturn, with the total meme market capitalization dropping by approximately 16% over the past 24 hours to $35.8 billion.
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