NEIRO ETH Price Tanks 27% As Vitalik Buterin Dumps 17B Tokens

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As a seasoned crypto investor with battle scars from more than a few market downturns, I must admit that this recent turn of events with Neiro ETH has left me feeling a bit like a jilted lover. After the initial thrill of Vitalik’s unexpected airdrop and the promise it held, to see him sell off his entire stake so quickly feels like a betrayal.

In the early hours of Monday, the price of Neiro ETH plunged significantly when Vitalik Buterin sold a large portion of his holdings on the open market. This has caused the token to decrease by around 30% for the day and currently appears to be stabilizing within a declining trend. The sell-off by Vitalik coincides with increased market anxiety and selling pressure, causing Ethereum‘s price to reach a low of $2,171.

Vitalik Dumps His Neiro Airdrop

Ethereum co-founder Vitalik Buterin sold 17.1 billion NEIRO ETH early Monday morning following increased selling pressure in the crypto market. On August 3, the Neiro ETH team announced they had airdropped Vitalik 4% of their token supply, probably to mimic Shiba Inu’s marketing style. 

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

As a long-time cryptocurrency enthusiast who has closely followed the development of Ethereum since its early days, I can attest to Vitalik Buterin’s significant impact on the crypto world. His role as one of the co-founders and current largest holder of Ethereum (with 4% of the total supply) is a testament to his vision, dedication, and commitment to the project. Having witnessed the evolution of Ethereum from a relatively unknown platform to one of the most influential players in the crypto market, I am constantly amazed by Vitalik’s ability to innovate, adapt, and overcome challenges. His leadership and contributions have undoubtedly played a crucial role in shaping the future of blockchain technology, making him an inspiration for many within the industry.

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

Approximately two days after, Buterin disposed of his entire holding in a single transaction, receiving 44.42 Ether, equivalent to approximately $241,620 at the time.

Currently, the NEIRO ETH price is finding it difficult to recover its bullish trend due to the overall market slump and the adverse publicity surrounding Buterin’s actions. Prior to this dip, NEIRO ETH was listed on platforms like AscendEX, BingX, and LBank, as well as several other exchanges.

NEIRO ETH Price About to Enter Negative Price Discovery

At the moment, the trajectory of NEO IRON ETHER price is moving downwards within a pattern known as a “descending channel,” which suggests a bearish trend. This pattern is characterized by repeated occurrences of lower highs and lower lows, much like what we’re seeing in the latest candlesticks. However, no significant reversal patterns have emerged yet.

1. Right now, the 50-day Exponential Moving Average (EMA) stands at approximately $0.1385, which is higher than the current price of $0.1203, reinforcing a downward trend. The important support level is roughly $0.10, as suggested by the bottom line of the falling channel.

If NEIRO ETH‘s price drops below its current support, it could plummet as much as 85% relative to USDT and 50% against Wrapped ETH. A resistance level can be found around the 50-day Exponential Moving Average (EMA) at approximately $0.1385, with additional resistance at $0.14. Notably, this resistance level aligns with the upper trend line of the downward channel.

44.58 is nearly where the Relative Strength Index (RSI) hits oversold territory, hinting that the cost could briefly rebound shortly. However, the broader trend continues to lean bearish. On the other hand, the Chaikin Money Flow (CMF) stands at -0.01, suggesting a neutral stance with a slight dominance of selling forces. This implies the price might find it challenging to sustain its current support.

Trading activity remains consistent, with approximately 1.02 million transactions being made each day, suggesting no major fluctuations or sudden surges. At present, there’s no substantial peak, implying stable market conditions without significant movement in either upward or downward directions.

NEIRO ETH Price Tanks 27% As Vitalik Buterin Dumps 17B Tokens

Despite the rise in quantity and decrease in NEIRO ETH‘s price, this trend suggests that investors are selling off their holdings, a sign of pessimism. If the price manages to break through the downward channel, it could indicate market resilience and potentially contradict the bearish argument. However, given the current apprehension in the market, such an upward break may not occur immediately.

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2024-08-05 11:13