Vitalik Buterin Sells Memecoin NEIRO to Acquire ETH

The memecoin investor community has taken note of the move where Ethereum co-founder Vitalik Buterin sold memecoin NEIRO for ETH.

Vitalik Buterin Sells Memecoin Neiro To Acquire Eth

On the evening of August 4th, the crypto community was abuzz when it was discovered that the wallet address vitalik.eth, believed to belong to Vitalik Buterin, co-founder of Ethereum, had sold a large quantity of the memecoin NEIRO. Specifically, 17.1 billion NEIRO coins were liquidated, causing a small upheaval in the world of memecoins.

Neiro 2

NEIRO is not unfamiliar to those who follow memecoin trends. This coin draws inspiration from the new pet dog of Kabosu, the famous dog that sparked the Doge meme trend, and subsequently “dog” coins like Dogecoin (DOGE) and Shiba Inu (SHIB). However, NEIRO’s story is far from simple, with multiple versions of the coin currently existing on both Ethereum and Solana, leading to considerable controversy within the community.

Related: Vitalik Buterin Shares Views on Memecoins

Why Vitalik Buterin Sold NEIRO

A project claiming to be “Neiro on Ethereum” (NEIRO) made a bold move earlier that day. They decided to send 4% of the project’s total supply to Vitalik Buterin’s wallet, hoping to create a striking promotional stunt. However, this plan backfired.

Instead of holding onto these coins, Vitalik decided to sell them all, netting 44.4 ETH (approximately $82,000 at the current exchange rate). The market reacted instantly and sharply: NEIRO’s price plummeted by 64% in a flash.

However, the story did not end there. Due to NEIRO’s extremely low liquidity, a wave of buying from other investors quickly pushed the coin’s price back up, even surpassing the initial price with a more than 100% increase.

This is not the first time Vitalik Buterin has “dumped” memecoins sent to his wallet. He has repeatedly expressed his unwillingness to become a promotional tool for crypto projects he is not involved in. The most famous incident was undoubtedly the “dog sale” of 50% of SHIB’s total supply in May 2021, netting about $1.2 billion at the time.

Vitalik’s actions once again highlight his enormous influence in the crypto world, while also raising questions about the sustainability of memecoin projects and the marketing strategies that rely on prominent figures in the industry.

(1 vote)

5.0/5

(1 vote)

Latest

Sei Network Sets New Record As Tvl Surpasses $626 Million

News | Altcoin | Editor Choice

Sei Network Sets New Record as TVL Surpasses $626 Million

Sei Network (SEI) is gaining significant attention in the crypto community as its Total Value Locked (TVL) recently reached an all-time high of over $626 million.

Cz Warns Investors Don't Expect To Get Rich Quickly From Crypto

News | Editor Choice | Policy & Regulations

CZ Warns Investors: “Don’t Expect to Get Rich Quickly from Crypto”

Former Binance CEO Changpeng Zhao warns investors not to view cryptocurrency as a get-rich-quick tool, emphasizing that only those with patience and a deep understanding of the market can truly succeed.

How To Participate In Sunscreen Airdrop

Airdrops | Editor Choice

How to Participate in Sunscreen Airdrop

Join the Sunscreen airdrop hunt! The project has successfully raised $4.65 million and is currently allowing users to earn points.

Gate.io Suddenly Deletes Pump.fun’s Pump Token Presale Announcement

News | Editor Choice | Memecoin | Policy & Regulations

Gate.io Suddenly Deletes Pump.fun’s PUMP Token Presale Announcement

Gate.io sparked confusion in the crypto community after suddenly deleting its announcement about the presale of Pump.fun’s PUMP token, raising questions about the legitimacy and future of the potential partnership between the two platforms.

Us Government Moves Eth To Exchanges For Potential Sell Off

Altcoin | Editor Choice

U.S. Government Moves ETH to Exchanges for Potential Sell-Off?

This morning, the U.S. Government wallet address deposited over 86 ETH (worth $219,000) on the Coinbase exchange, raising concerns about a potential sell-off.