Former New York City Mayor Eric Adams launched a NYC meme coin on Monday, which surged to a $580 million market cap before crashing 81% to $110 million as a wallet linked to the deployer pulled $2.5 million in liquidity at the peak.
NYC Token Hits $580M Then Collapses In Minutes
Adams unveiled the Solana (CRYPTO: SOL)-based meme coin wearing a Fendi scarf and baseball cap showing the NYC ticker symbol, saying the project would fight “antisemitism and anti-Americanism” while teaching children blockchain technology.
The token rocketed from launch to a $580 million market cap within minutes before plummeting 81% as nearly $500 million in value evaporated.
Analytics firm Bubblemaps identified suspicious activity by wallet 9Ty4M, which created one-sided liquidity pools on Meteora.
The wallet removed approximately $2.5 million in USDC at the peak, then added back $1.5 million after a 60% drop with no explanation for the liquidity moves.
Moreover, one trader lost $473,500 (a 63.5% …