NEIRO Price Pumps 40% After Vitalik Buterin Dumps 17B Tokens

Neiro price took a nosedive in the wee hours of Monday morning after Vitalik Buterin dumped a huge bag of his allocation in the open market. However, the token which is now a community takeover (CTO) jumped 853% over the next 6 hours following the dump but has since retraced. Vitalik’s sell-off comes amid heightened market panic and sell pressure that saw Ethereum drop to a low of $2,171.

Vitalik Dumps His Neiro Airdrop

Ethereum co-founder Vitalik Buterin sold 17.1 billion Neiro tokens early Monday morning following increased selling pressure in the crypto market. On August 3, the Neiro team announced that Vitalik was their largest token holder holding 4% of their token supply. This bag was airdropped to Buterin by the project developer, who later rugged the project before the community took over.

We are the people's $Neiro, on the people's chain, @ethereum.

And a little fun fact: @VitalikButerin is currently our largest holder. (4% of supply, ~$130k value as of the time of this post)

— Neiro on Ethereum (CTO) (@neiroethcto) August 3, 2024

Less than 48 hours later, Buterin sold the entire bag in a single sell trade for 44.42 ETH ($241,620), which crashed the price of Neiro by 73%. After this, Neiro’s team went on to X, urging Buterin to donate some of his bags to a stray dog shelter. 

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!

— Neiro on Ethereum (CTO) (@neiroethcto) August 5, 2024

The team had previously donated $1600 to a stray dogs shelter in Japan

https://twitter.com/neiroethcto/status/1819805701901869067

The Neiro price is now in a retrace after the initial take profit sell-off from buyers who sniped the dump. The token may have some difficulty rebounding amid the general market downturn and the negative publicity caused by Buterin’s actions. 

NEIRO ETH Price About to Enter Negative Price Discovery

The current trend for Neiro price is upward following a breakout from a consolidation zone. The recent candlesticks show higher highs and higher lows, typical of an uptrend. There are no strong reversal patterns visible currently. 

The 50-day EMA is at $0.00001128, below the current price of $0.00001773, further confirming the upside trend. This also makes up the key support level for Neiro price action. If Neiro price action breaks below this support, the asset may crash 88% against Wrapped ETH (WETH) to $0.0000013. 

There is some resistance around $0.00002813 and higher at the new all-time high of $0.00004283. A rebound from the current retest may catapult NEIRO beyond the previous ATH to $0.000005321, a 204% increase from the current price.

The Relative Strength Index (RSI) is at 44.58, which is close to the oversold territory. This suggests that the price might bounce in the short term, but the overall trend remains bearish. The Chaikin Money Flow (CMF) is at -0.01, indicating a neutral position with slight selling pressure. This signals the price may struggle to maintain the current support. 

The daily volume is at 1.02M, showing that there has been a steady amount of trading activity. There is currently no significant spike indicating a strong move in either direction. 

Nevertheless, the increase in volume coupled with the falling Neiro price is a bearish signal showing investors are offloading their bags. If the price breaks above the falling channel, it may signal market strength and would invalidate the bearish thesis. However this is unlikely to happen in the short-term as the market remains fearful.

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