$NEIRO The decline in Neiro coin's value can be attributed to several key factors:

Major Sell-Off by Vitalik Buterin: In August 2024, Ethereum co-founder Vitalik Buterin sold 17.1 billion Neiro tokens, leading to a sharp 60% drop in its price. This significant sell-off raised concerns among investors about the coin's stability and future prospects.

Overall Memecoin Market Downturn: The memecoin market has experienced notable declines, with several popular tokens, including Neiro, facing increased selling pressure. Factors such as shifting investor sentiment, profit-taking, and concerns about market sustainability have contributed to these downturns.

Emergence of New Competitors: The rise of new memecoins has diverted investor attention and capital away from established tokens like Neiro. These newer coins often employ trend-driven strategies and aggressive marketing, making it challenging for older memecoins to maintain their market positions.

Market Corrections Post-Bull Runs: Following significant price surges, the crypto market often undergoes corrections. Neiro, after its meteoric rise, experienced such a correction, leading to sharp declines.

These factors collectively have contributed to the recent downturn in Neiro coin's value.