The NYC token, associated with former New York Mayor Eric Adams, experienced a sharp decline shortly after its launch on Solana. Reports indicate the token fell over 81% within 30 minutes, allegedly wiping out approximately $500 million in paper value. The token briefly attained a market cap between $540 million and $600 million. The launch, promoted via Adams' X account, was intended to fund blockchain education and combat antisemitism. On-chain analysis revealed a wallet linked to the deployer removed roughly $2.5 million in USDC, raising concerns about liquidity management. The top wallets held a significant portion of the token supply, with one holding approximately 70%. The incident has drawn attention due to Adams' prior involvement with cryptocurrency initiatives during his time in office.

The NYC token, associated with former New York Mayor Eric Adams, experienced a sharp decline shortly after its launch on Solana. Reports indicate the token fell over 81% within 30 minutes, allegedly wiping out approximately $500 million in paper value. The token briefly attained a market cap between $540 million and $600 million. The launch, promoted via Adams' X account, was intended to fund blockchain education and combat antisemitism. On-chain analysis revealed a wallet linked to the deployer removed roughly $2.5 million in USDC, raising concerns about liquidity management. The top wallets held a significant portion of the token supply, with one holding approximately 70%. The incident has drawn attention due to Adams' prior involvement with cryptocurrency initiatives during his time in office.