Memecoin Fails to Gain Clout as Buterin Dumps Airdrop

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Memecoin's Attempt to Gain Clout Fails as Vitalik Buterin Sells Off Airdrop

Written by Gode S.,

Web3 Market Analyst

Last Updated: August 05, 2024

Key Takeaways

Neiro on ETH (NEIRO) airdropped 4% of its total supply to Vitalik Buterin;
Buterin sold his entire 17.1 billion NEIRO holdings for 44.5 Ether, causing a 60% drop in the token's value;
The broader memecoin market has declined by 24% in the past 24 hours.

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Memecoin's Attempt to Gain Clout Fails as Vitalik Buterin Sells Off Airdrop

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A token named Neiro on ETH (NEIRO) sought to boost its reputation by airdropping 4% of its total supply to Ethereum co-founder Vitalik Buterin, making him its largest holder. The token was inspired by Neiro, the new pet of the owner of Kabosu, the iconic dog behind Dogecoin (DOGE).

However, within just an hour, Buterin sold off his entire holding of 17.1 billion NEIRO in exchange for 44.5 Ether, valued at approximately $103,000.

The sale initially caused the token's value to drop by 60% as the market reacted to the news.

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Following the dump, NEIRO's X account addressed Buterin, saying:

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!

Despite the dip, NEIRO's price is still up nearly 45% in the past day, with its 24-hour trading volume at $9.26 million.

Meanwhile, the broader memecoin market has been experiencing a downturn, with the total market capitalization of meme tokens falling by approximately 24% over the past 24 hours, bringing the total to $30.18 billion. Among the affected tokens are DOGE, Shiba Inu (SHIB), and Floki Inu (FLOKI), seeing declines of between 21% and 24%.

The memecoin market's recent volatility is a reminder of the fragility and speculative nature of these digital assets.

In other news, Bitcoin fell to $50,000 for the first time since February.