A memecoin experienced a wild ride recently. It took a huge hit when Ethereum co-founder Vitalik Buterin sold off his entire 17 billion Neiro tokens, but then it unexpectedly bounced back.
The memecoin, Neiro, had tried to boost its profile by giving 4% of its total supply to Buterin, hoping his involvement would make the coin look more credible. But just an hour after getting the tokens, Buterin sold all of them for 44.5 ETH, worth about $103,000.
This move caused the coin’s value to drop by around 60% as people noticed the sale. However, the story didn’t end there. The Neiro token suddenly surged by more than 200%, hitting a new high of $0.000038 the next day.
Meanwhile, the Neiro project’s social media account playfully responded to Buterin’s sale, asking him to donate some of the proceeds to a dog shelter and thanking him for bringing attention to their coin.
The Neiro coin saga is complex, with multiple versions of the token listed on different platforms, and even some potentially dubious ones. There’s also been controversy involving a Solana-based version of Neiro, where the developer reportedly made $2.85 million and then disappeared.
Adding to the chaos, a blockchain investigator recently warned that the major Neiro token on Ethereum might be a scam. Overall, the memecoin market is struggling, with many popular coins like Pepe and Floki losing between 18% and 20% of their value in just 24 hours.