Ethereum

dogwifhat

Pepe

A memecoin attempting to use Vitalik Buterin’s fame to gain attention has just seen its value pump 200%, even though Buterin dumped the token.&nbsp;
The obscure token attempted to gain credibility on Aug. 4 after airdropping 4% of its supply to the Ethereum co-founder to claim he was the largest holder.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/d553298f-c11b-4c9b-8a61-d65e642ecd91.jpg" alt="Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop" title="">
 <figcaption style="text-align: center;">
 Screenshot of memecoin promotion. Source: <a href="https://x.com/neiroethcto/status/1819792059210854603" target="_blank" rel="noopener nofollow">Neiro on Ethereum (CTO)</a>
 </figcaption>
</figure>
But barely an hour went by before the Buterin dumped his entire stash of the Neiro on ETH (NEIRO) memecoin. Buterin exchanged 17.1 billion NEIRO for 44.5 Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) worth around $103,000 at the time.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/373615d1-6d20-4e56-913b-da99a72e6fdb.jpg" alt="Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop" title="">
 <figcaption style="text-align: center;">
 Transfers to and from vitalik.eth. Source: Etherscan
 </figcaption>
</figure>
Buterin’s quick transfer initially caused the token to dip around 60% as people noticed the sale. 
However, <a href="https://dexscreener.com/ethereum/0xc555d55279023e732ccd32d812114caf5838fd46" target="_blank" rel="noopener nofollow">according</a> to DexScreener, the Neiro on ETH (NEIRO) token has since surged more than 200% to hit an all-time high of $0.000038 on Aug. 5. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/ee2bc946-7d1c-4f3d-99b3-cf6306a30364.jpg" alt="Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop" title="">
 <figcaption style="text-align: center;">
 NEIRO token prices. Source: Dexscreener
 </figcaption>
</figure>
At the same time, the Neiro on Ethereum (CTO) account associated with the token <a href="https://x.com/neiroethcto/status/1820305582533816733" target="_blank" rel="noopener nofollow">posted</a>: 
<blockquote>
 “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!”
</blockquote>
Four different NEIRO tokens are listed on CoinGecko, at least six variations on Uniswap and even more potentially scammy Neiro-related accounts on X. 
Additionally, on July 29, the developer of a Solana-based version of Neiro profited $2.85 million in an apparent rug pull, <a href="https://cointelegraph.com/news/neiro-memecoin-developer-makes-2-85m-profit-after-apparent-rug-pull">as reported by Cointelegraph</a>. 
In late July, independent blockchain sleuth “Wazz” posted a public <a href="https://cointelegraph.com/news/31-m-neiro-project-etheruem-honeypot-wazz">warning</a> that the “biggest Neiro token on Ethereum is a honeypot.” 
Related: <a href="https://cointelegraph.com/news/31-m-neiro-project-etheruem-honeypot-wazz">$31M Neiro project on Ethereum ‘is a honeypot’ — Wazz</a>
Meanwhile, Memecoins are <a href="https://cointelegraph.com/news/why-are-memecoins-down-today"></a><a href="https://cointelegraph.com/news/why-are-memecoins-down-today">getting hammered in a market rout</a>, with the total meme token market cap falling around 16% over the past 24 hours to $35.8 billion.
The biggest losers are Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>), Dogwifhat (<a href="https://cointelegraph.com/dogwifhat-price-index">WIF</a>), Floki (<a href="https://cointelegraph.com/floki-price-index">FLOKI</a>) and Book of Meme (<a href="https://cointelegraph.com/book-of-meme-price-index">BOME</a>), all of which have dumped between 18% and 20% in the past 24 hours as of Aug. 5. 
Magazine: <a href="https://cointelegraph.com/magazine/5-ways-crypto-bots-are-ruining-crypto-including-auto-memecoin-rug-pulls/">How crypto bots are ruining crypto — including auto memecoin rug pulls</a>

Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop

Cointelegraph

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