The meme coin Neiro (NEIRO) has seen a notable price increase despite Ethereum co-founder Vitalik Buterin selling his entire holding. After a brief dip, Neiro recovered and also soared, achieving a 110% rise over the past 24 hours.
This surge began when Neiro was launched in July, following an emotional announcement by the owner of Kabosu, the iconic Shiba Inu, and also the face of Dogecoin (DOGE). The introduction of the new pet, Neiro, after the demise of Kabosu sparked huge community interest. Consequently, the community launched several meme coins bearing the name Neiro across various blockchains.
Neiro on Ethereum Defies Market Trend
While many spikes in meme coin values are short-lived, Neiro on the Ethereum blockchain has maintained its momentum. It quickly established a market capitalization of approximately $11 million and now boasts over 3,340 holders, according to GeckoTerminal. This comes at a time when the broader meme coin category has plummeted by 23.2%.
Vitalik Buterin’s decision to sell all 17.15 billion Neiro for roughly $119,000, or 44.42 Ethereum (ETH), came as a shock to the community. Promoted initially as the token’s largest holder, Buterin sold all the tokens sent to his public wallet. His sale initially led to a 60% drop in Neiro’s price, which was remarkably brief.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Following the sale, Neiro’s team contacted Buterin via social media and urged him to donate part of his earnings to a stray dog shelter.
“Our humble ask is that you donate part of the proceeds to a stray dog shelter. And thank you for building our playground,” Neiro wrote on X (Twitter).
However, Neiro’s price resilience is notable, especially given the broader market correction. Over $1 billion was liquidated in the crypto market in the past 24 hours, and major crypto assets like Bitcoin suffered greatly, falling below the $50,000 mark.
Read more: Who Is Vitalik Buterin? An In-Depth Look at Ethereum’s Co-Founder
The stark contrast in Neiro’s performance against other leading meme coins is remarkable. For example, Dogecoin and Shiba Inu each fell by more than 20% within the same time frame. Other notable meme coins, such as Mog coin (MOG) and dogwifhat (WIF), recorded declines of over 27%, signaling a widespread bearish trend in this market segment.
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