Memecoin dumps, then pumps after Vitalik Buterin sells unwanted airdrop

A memecoin attempting to use Vitalik Buterin’s fame to gain attention, has just seen its value pump 200%, even though Buterin completely dumped the token. 

The rather obscure token attempted to gain credibility on Aug. 4, after airdropping 4% of its supply to the Ethereum co-founder to claim he was the largest holder.

But barely an hour went by before the Ethereum co-founder dumped his entire stash of the memecoin. Buterin transferred 17.1 billion NEIRO memecoins in exchange for 44.5 ETH worth around $103,000 at the time.

Buterin’s quick transfer initially caused the token to dip around 60%, as people noticed the sale.

However, according to DexScreener, the Neiro on ETH (NEIRO) token has since surged more than 200% to hit an all-time high of $0.000038 on Aug. 5.

At the same time, the Neiro on Ethereum (CTO) account associated with the token posted:

“Hey @VitalikButerin, 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!”

There are four different NEIRO tokens listed on CoinGecko, at least six variations of it on Uniswap, and even more potentially scammy Neiro-related accounts on X.

Additionally, on July 29, the developer of a Solana-based version of Neiro profited $2.85 million in an apparent rug pull, as reported by Cointelegraph.

In late July, independent blockchain sleuth “Wazz” posted a public warning that the “biggest Neiro token on Ethereum is a honeypot.”

Related: $31M Neiro project on Ethereum ‘is a honeypot’ — Wazz

Meanwhile, Memecoins are getting hammered in the market rout with the total meme market cap falling around 16% over the past 24 hours to $35.8 billion.

The biggest losers are Pepe (PEPE), dogwifhat (WIF), Floki (FLOKI), and Book of Meme (BOME), all having dumped between 18% and 20% over the past day.

Magazine: How crypto bots are ruining crypto — including auto memecoin rug pulls