Vitalik Buterin sells Low-Cap Meme Coin Neiro for 44.53 ETH
In the early hours of Monday in Asia, Vitalik Buterin sold all 17.145 billion Neiro tokens that he had received from the Neiro team. These tokens represented 4.08% of the total supply, and Buterin was identified as the largest holder, according to the team.
Vitalik’s Token Sale
Vitalik Buterin sold the Neiro tokens, which were initially transferred to his address by the Neiro team, to promote him as a significant holder. He exchanged the 17.1 billion Neiro tokens for 44.4 Ether (ETH) on Ethereum, leading to a significant price drop in Neiro.
According to data from Etherscan, Buterin converted the transaction into 44.53 Ether, valued at approximately $112,500.
Community Reaction Neiro
Following Buterin’s sell-off, the team took to social media platform X to request that Buterin donate part of the proceeds to a stray dog shelter:
> “Hey Vitalik Buterin, 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.”
> — Neiro on Ethereum (CTO) (@neiroethcto)
Neiro Project Initiatives
The Neiro project has created a strategic reserve of tokens intended for potential centralized exchange (CEX) listings and charitable donations to stray dog shelters and other animal welfare organizations. As part of these efforts, Neiro has made donations to a stray dog shelter in Japan, which houses the rescued Neiro dog that inspired the memecoin.
Impact on Neiro’s Value
The price of Neiro plummeted by 60% soon after Buterin’s sale on Monday, raising concerns among investors about the volatility of memecoins. The price dropped from $0.022 to $0.013, before slightly recovering to $0.015, and then further declining to $0.011, according to CoinGecko data.
Despite its recent decline, Neiro had experienced exponential growth after its launch, reaching an all-time high of $0.19 on August 1, with a market cap nearing $200 million.
Clarification on Neiro
Journalist and blockchain blogger Colin Wu clarified that among the various Neiro tokens in the cryptocurrency market, it was the Neiro on Ethereum that Vitalik sold.
