Ethereum co-founder Vitalik Buterin has once again made waves in the cryptocurrency market. This time, it’s the Neiro token that found itself in the spotlight. According to on-chain data tracker Lookonchain, Buterin recently offloaded a substantial portion of his Neiro holdings for Ethereum.
The transaction, executed on Uniswap V2, saw Buterin convert 17.15 billion Neiro tokens into approximately 44.53 ETH, valued at around $112,448. Notably, these Neiro tokens represented a significant chunk of the total supply, amounting to 4.08%.
The sudden sale sent shockwaves through the market, causing Neiro’s price to dip initially. However, a surprising turn of events saw the token rebound, surging more than 15% following the sell-off. This volatility is a stark reminder of the unpredictable nature of the cryptocurrency market, especially when high-profile figures are involved.
The Neiro team responded to the situation with a public appeal to Buterin to donate a portion of the proceeds to a stray dog shelter. While acknowledging his contributions to the crypto ecosystem, the team clarified that the token distribution to Buterin was not a strategic move to gain credibility. Instead, they emphasized that the tokens were part of an airdrop from the project’s original, now-absent developer.
Also Read: Ethereum In Freefall – 35% Drop, $50 Billion Volume As Bulls Flee
This isn’t the first time Buterin’s actions have had a profound impact on the crypto world. In a previous instance, his decision to burn a massive amount of Shiba Inu (SHIB) tokens sent the token’s value soaring. Moreover, a large ETH transfer to a wallet linked to Bitstamp last September fueled speculation about a potential sale.
Buterin’s latest move underscores the influence key players can wield in the cryptocurrency market. While the reasons behind his decision remain unclear, the incident highlights the need for investors to approach the volatile crypto landscape with caution.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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