Shiba

Pepe

<ul> 
 <li aria-level="1">Vitalik Buterin sells 17.1 billion NEIRO tokens, causing a 60% drop in its value amid market instability.</li> 
 <li aria-level="1">NEIRO’s association with Buterin aimed to boost its profile; his sell-off instead triggered a significant price crash.</li> 
</ul> 
Vitalik Buterin, recently sold his entire holdings of the Neiro (NEIRO) meme coin, leading to a significant 60% drop in its market price. This event coincides with a turbulent period in the cryptocurrency markets, <a href="https://www.ethnews.com/billion-dollar-crypto-crash-combined-with-japanese-market-collapse-whats-next/">marked by geopolitical tensions</a>, interest rate hikes in Japan, and other destabilizing factors. 
Wu said: 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Vitalik dumped the Meme Neiro on Ethereum. Neiro transferred 17.1 billion Neiros (4% of the total) to Vitalik's address, and used this to promote Vitalik as the largest holder. Vitalik then sold the 17.1 billion Neiros in exchange for 44.4 ETH, causing the price of Neiro to… 
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1820262240307777831?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In July 2024, the Neiro community had transferred 17.1 billion NEIRO tokens to Buterin’s address, making him the largest holder of the coin with about 4% of its total supply, valued at approximately $130,000 at that time. 
However, merely two days after the Neiro Chief Technology Officer (CTO) boasted on X about Buterin’s significant holding, he moved all his NEIRO tokens to the centralized exchange UniSwap, exchanging them for 44.4 Ethereum. This large-scale transfer precipitated a rapid decline in NEIRO’s value. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Hey <a href="https://twitter.com/VitalikButerin?ref_src=twsrc%5Etfw">@VitalikButerin</a>, we see that you sold your <a href="https://twitter.com/search?q=%24Neiro&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Neiro</a> bag. 
 Our humble ask is that you donate part of the proceeds to a stray dog shelter. 
 And thank you for building our playground! 
 — Neiro on Ethereum (CTO) (@neiroethcto) <a href="https://twitter.com/neiroethcto/status/1820305582533816733?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The cryptocurrency market is currently experiencing a sharp downturn, with major assets like Bitcoin, Ethereum, Solana, and BNB recording declines of 14%, 22%, 18%, and 17% respectively in the last 24 hours. Similarly, popular meme coins such as <a href="https://www.ethnews.com/dogecoin-and-shiba-inu-prices-tumble-will-they-bounce-back/">Dogecoin</a>, Shiba Inu, and <a href="https://www.ethnews.com/pepes-market-movements-a-detailed-analysis-amid-ethereums-stability/">Pepe</a> have also seen significant price drops. 
Amid this market volatility, the Neiro CTO reached out to Buterin via X, requesting that he donate part of the proceeds from his NEIRO sale to a stray dog shelter. This request highlights the <a href="https://www.ethnews.com/solana-memecoins-capture-market-interest-in-2024s-first-half/">community-oriented</a> spirit of the Neiro project and attempts to salvage some positivity from the situation. 
The post <a href="https://www.ethnews.com/vitalik-buterins-massive-sell-off-crashes-neiro-by-60-overnight/">Vitalik Buterin’s Massive Sell-Off Crashes NEIRO by 60% Overnight!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Vitalik Buterin’s Massive Sell-Off Crashes NEIRO by 60% Overnight!

ETHNews

Other articles published on Aug 5, 2024

Icebreaker Secures $5M Seed Funding to Build Blockchain Alternative to LinkedIn

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

U.S Fed Calls For Emergency Meeting Amid Global Market Crash

Weekly Article Recap: 7/22-7/26

Tokyo's BitFlyer Acquires FTX Japan, Aims For Crypto ETFs

EXCLUSIVE: Bitcoin Crashes 17%, Ethereum Plummets 23% — Is The Crypto Bear Market Here?

Join our free newsletter for daily crypto updates!