Vitalik Buterin ditches NEIRO for ETH: NEIRO plunges 60% – What’s next?

• Neiro CTO asks Vitalik Buterin to donate some of the proceeds to a stray dog shelter.
• Following this sell-off, the Neiro (NEIRO) token experienced a decline of 60%.

Following the ongoing geopolitical tension, hike in interest rates in Japan, and other factors, there is a blood bath in the cryptocurrency market.

Amid this huge selling pressure, Ethereum [ETH] co-founder Vitalik Buterin dumped his entire 4% holding of the newly launched Neiro (NEIRO) meme coin. 

Vitalik Buterin dumps Neiro 

According to blockchain media, in July 2024, following the launch of the token, the Neiro community transferred a notable 17.1 billion NEIRO tokens to Vitalik Buterin’s address.

The main purpose of this was to promote the token while highlighting Buterin as the largest holder. 

In a post on X (previously Twitter) on 3rd August, Neiro CTO shared,

“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).

Two days after the post, Buterin has transferred his entire 17.1 billion NEIRO tokens to a centralized exchange UniSwap for 44.4 Ethereum. Following this massive transfer, the price of NEIRO experienced a decline of 60%.

Currently, there are many Neiro meme coins with the same name which is creating confusion among investors and traders. Some Neiro meme coins have experienced a massive price surge of 160%, while others have seen declines of 70%-80%.

Source: CoinMarketCap

Neiro CTO’s request 

As Vitalik Buterin offloaded massive NEIRO holdings, the CTO made a post on X again, asking him to donate some of the proceeds to a stray dog shelter. The CTO noted,

“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!”

Market overview 

Amid Buterin’s recent dump, the overall cryptocurrency market is burning like wildfire.

Top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) have experienced a price decline of a massive 14%, 22%, 18%, and 17% respectively, in the last 24 hours.

Additionally, top meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have experienced a price decline of 20%, 18%, and 25% respectively during the same period.