The recent attempt by the token Neiro on ETH to gain clout by airdropping a significant amount of its supply to Ethereum co-founder Vitalik Buterin has backfired. Buterin quickly sold off his entire holding of Neiro, causing the token’s value to plummet by 60% in just one hour.
Despite the sell-off, NEIRO’s price is still up nearly 45% in the past day, with a trading volume of $9.26 million. However, the broader memecoin market has been experiencing a downturn, with meme tokens like DOGE, SHIB, and FLOKI seeing declines of between 21% and 24%.
This recent volatility in the memecoin market serves as a reminder of the speculative nature of these digital assets. In other news, Bitcoin has fallen to $50,000 for the first time since February.
Gode, a Web3 Market Analyst, provides insights into the impact of industry events on the wider Web3 space. With a background in media culture & digital rhetoric, Gode offers a methodical approach to evaluating critical Web3 news data and social sentiments within the ecosystem. Her multilingual background allows her to analyze Web3 social sentiments across different cultures and languages, providing a deeper understanding of the growth of the Web3 space in various communities.
