The market value of the recently launched Neiro Meme Coin, based on Ethereum, has significantly dropped following the decision of co-founder Vitalik Buterin to sell his entire stash. On Monday morning, the value plummeted by 60%, with the price of Neiro falling from $0.022 to $0.013, before briefly recovering to $0.015.

Buterin is said to have sold all of his 17.15 billion Neiro tokens received from the Neiro team. This stash accounted for 4.08% of the total supply, making Buterin the largest holder of the meme coin. The sale earned him 44.53 Ether (ETH), equivalent to $112,500.

After its launch in late July, the meme coin experienced a 200% increase in value, partly driven by Buterin's fame, who received a 4% airdrop on August 4. The team referred to him as the largest holder. However, Buterin's subsequent sell-off triggered a 60% price drop, causing unrest within the community.

In response to the sell-off, the Neiro team reached out to Buterin, requesting a portion of his proceeds to be donated to a dog shelter. Their token supply reserves were strategically designed to facilitate potential listings on central exchanges (CEX) and to contribute to charitable organizations combating animal abuse and supporting dog shelters.

On August 4, the cryptocurrency project made a donation of approximately $1600 to a dog shelter in Japan, where the dog whose name inspired the Neiro meme coin resides.

Following its introduction, Neiro underwent a phase of significant growth, influenced by the popularity of another dog, Kabosu, the star of the Doge meme and the sibling of the Shiba Inu. The meme coin reached a record high of $0.19 on August 1 and approached a market capitalization of nearly $200 million.