Date: Monday, August 04, 2024, 02:30 PM GMT
In a surprising turn of events in the cryptocurrency market today, Neiro memecoin has made a remarkable recovery despite a massive sell-off by Ethereum founder Vitalik Buterin. Earlier today, Buterin’s actions caused the token to crash by 60%, but the coin has since bounced back and even surged.
According to data from Lookonchain, Vitalik Buterin sold all the Neiro tokens he received from the meme coin’s developers. The Neiro team had sent him 4% of its total supply, amounting to 17.145 billion Neiro, valued at $130,000 at the time of transfer, making him the largest holder of the token.
Buterin decided to sell all his 17.1 billion NEIRO tokens, exchanging them for 44.5 ETH, which was worth around $103,000 at the time. This action led to a significant drop in the token’s value, causing it to plummet by approximately 60%.
Neiro’s Remarkable Recovery:
Despite the initial sell-off, Neiro has quickly recovered, surging by 90% to reach $0.00002131, up from the $0.000013 price where Buterin sold his tokens. The primary reason behind this swift recovery appears to be the Neiro team’s proactive response.
Following the sell-off, the Neiro team took to social media platform X to address the situation and appeal to Buterin. They posted, “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.”
This move by the Neiro team not only addressed the community’s concerns but also helped restore confidence in the token, contributing to its impressive rebound.