Ethereum co-founder Vitalik Buterin made a big bull’s eye in the market to make it drastically change sharply, selling vast amounts of Neiro meme coins. This occurred when Neiro developers sent 17.1 billion Neiros, equal to 4% of the market supply, to Vitalik Buterin’s address. This marketing decision was made to help publicize the token further, claiming Buterin as the largest Neiro holder, thus indirectly raising its profile and credibility.
But Buterin, as is often the case with him, could have spent more time responding. He sold all 17.1 billion Neiros for only one deal and, in return, received it to the address of his wallet at a starting rate of ETH / USD – $1335 (44.4 ETH). This liquidation caused a massive selloff that brought the price of Neiro crashing down by about 60% overnight. Neiro is trading for $0.1242 as press time, marking an 800% increase over the past week. As the selloff continues, more pressure is added to the token, pushing it towards its all-time low.
The meme token on the Ethereum Chain is called NEIRO, which is themed after the memecoin Shiba-Inu and named the “sister to the OG DOGE.” NEIRO stands as a community-centric crypto. Inspired by Dogecoin and Shiba Inu, the anonymous creators of NEIRO have dedicated themselves to making people more connected through humor and a shared cultural background. However, like many memecoins, the token’s practical use case seems negligible. While marketing the token is crucial, without a useful purpose and strong tokenomy, Neiro is set to tumble farther down.
But as of now, the Neiro community has felt a significant blow from Buterin’s sale. Neiro is in the spotlight among many traders, investors, and holders of the memecoin, raising questions about its stability and what’s next for the token. It has also ignited conversations about the ethical consequences of marketing campaigns in the crypto ecosystem.
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