I was wondering why Eric Adams made a memecoin.
This thing was supposed to help combat antisemitism or something.
Welp...
Bro must really love New York!
They call it a rug pull. You create the coin and then when enough people buy in, inflating the price, you pull out and you're rich (and they're not).
It's the oldest trick in the crypto book!
From Yahoo Finance:
Fueled by Adams' public profile and social media promotion, the NYC token's market capitalization surged to nearly $600 million within minutes of going live.
The rally, however, unraveled just as quickly.
Roughly 30 minutes after launch, the token's value collapsed by about 81%, falling to around $100 million in market capitalization and wiping out nearly $500 million in paper value.
...
Analysis shows that a wallet linked to the token's deployer removed approximately $2.43 million in USDC liquidity shortly after the peak.
About $1.5 million was later returned, leaving roughly $932,000 unaccounted for. Other estimates put the total liquidity extraction even higher, at around $3.43 million.
But they must've gotten word, cuz look at this:
Saved face there!
Let's hear it for Mayor Adams!
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