As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself both amused and alarmed by the rollercoaster ride that is the Neiro meme coin. Having witnessed the meteoric rise and fall of countless digital assets, I must admit there’s a certain charm to the audacity of a memecoin like Neiro, inspired as it is by our beloved Shiba Inu counterparts.
On Monday morning, there was a significant drop of approximately 60% in the value of Neiro, a recently introduced Ethereum-backed meme coin, after a large-scale selling spree by one of Ethereum’s founders, Vitalik Buterin.
Based on pricing information from CoinGecko, Neiro’s value dropped from $0.022 to $0.013 and then briefly rebounded to $0.015. However, the meme token has since dipped again and is currently being traded at $0.013 as we speak.
Based on my personal experience as a long-time investor in the cryptocurrency market, I find it fascinating to observe the growth and fluctuations of various crypto assets. For instance, one particular asset I’ve been following has a daily trading volume of approximately $56.7 million and a market capitalization of around $13.29 million. This asset is not a newcomer in the market, but it certainly has the potential to make waves due to its impressive figures.
Following Lookonchain’s disclosure, it was revealed that Vitalik Buterin sold his entire 17.15 billion Neiro tokens, a sum representing 4.08% of the total supply. This made him the coin’s largest holder. The transaction garnered him approximately 44.53 Ether (ETH), valued at roughly $112,500.
Approximately an hour ago, Vitalik Buterin (@VitalikButerin), sold all his 17.15 billion Neiro tokens for roughly 44.53 Ether (equivalent to about $112,500). Initially, the Neiro team had transferred these tokens (which represent 4.08% of the total supply) to Vitalik following the project’s launch.
— Lookonchain (@lookonchain) August 5, 2024
Colin Wu, both journalist and blockchain blogger, made it clear to investors that the Neiro token available on Ethereum was the one initially offered by Buterin. He emphasized that there are other tokens bearing the same name in the crypto market.
As a researcher, I initiated the memecoin project at the tail end of July. In its debut, we observed an impressive 200% surge in value as we strategically capitalized on Vitalik Buterin’s fame by distributing 4% of our coin supply to him on August 4, positioning him as the largest holder. However, the swift action he took to sell off these tokens triggered a massive 60% plummet in price, causing panic among investors and raising serious concerns within the community.
After the sale, the Neiro team addressed Vitalik Buterin on X, saying, “Dear Vitalik Buterin, we noticed you sold your Neiro tokens. We kindly request that you consider donating a portion of the earnings to a stray dog shelter. And thank you for creating our platform.”
The Neiro initiative established a strategic fund for two purposes: first, to safeguard tokens that might be featured on major cryptocurrency exchanges (CEXs), and second, to provide financial aid to dog shelters and organizations working towards the prevention of animal cruelty through charitable donations.
On the 4th of August, I was thrilled to learn that the team behind this crypto project made a generous donation of approximately $1600 to a Japanese shelter for strays, a place that’s home to the very dog who inspired the Neiro memecoin. What an amazing way to give back!
The Neiro memecoin, modeled after Kabosu – the sibling of the renowned Shiba Inu from the Doge meme – experienced rapid expansion following its debut, peaking at $0.19 on August 1 and nearing a market capitalization of around $200 million.
Recently, a fresh event unfolded during a general decline in the meme coin sector. Over the last 24 hours, the overall value of the meme market dropped approximately 16%, reaching $35.8 billion. Notable meme coins like Pepe (PEPE), dogwifhat (WIF), Floki (FLOKI), and Book of Meme (BOME) have all seen substantial decreases, ranging from 18% to 20%.
Currently, there’s a significant downturn in the global cryptocurrency market over the past day, with a fall of approximately 13.8%. Notably, Bitcoin (BTC), the original crypto, dipped by 12.7%, currently valued at around $52,706. Similarly, Ethereum (ETH), the leading alternative coin, decreased by 18.5%, trading at about $2,355.
In addition to Bitcoin, other digital currencies experiencing significant drops of more than 20% are Lido DAO (LDO), Chainlink (LINK), Bittensor (TAO), and KuCoin Token (KCS).
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2024-08-05 11:36