Former New York Mayor Launches ‘NYC Token’ – Crashes 80% in minutes
Former New York “Bitcoin Mayor” Eric Adams has unveiled NYC Token to battle the unfold of “antisemitism and anti-Americanism” throughout this nation.
The memecoin with a tagline – “the digital heartbeat of New York City” was touted by the previous mayor himself from the again of a taxi cab.
“We’re about to vary the sport. If you possibly can’t make it to New York, we’re going to convey New York to you,” mentioned Eric in the announcement video.
“This factor is about to take off like loopy.”
Memecoin to Address ‘Anti-Americanism, Antisemitism’
Addressing reporters in Times Square, NYC, on Monday, Adams mentioned that the launch comes from his tenure as town’s Mayor for 4 years. He famous that the NYC Token makes use of “up-to-date know-how” to handle what he calls quickly rising “antisemitism and anti-Americanism.”
In a video posted by a reporter for the New York Daily News, Josie Stratman, Adams mentioned that the undertaking will educate kids how one can embrace the nascent blockchain tech.
“I’m not taking a wage right now,” he informed reporters. However, a call to pay him a wage can be thought of later, he added.
The pro-crypto mayor Adams, 65, stepped back from reelection bid, citing financial struggles. Zohran Mamdani took over the NYC mayoral seat on January 1, with the official swearing-in ceremony at City Hall.
Before exiting, Adams established the “nation’s first-ever” municipal office for crypto and blockchain to advertise “accountable innovation.”
The NYC Token official website mentioned that there will probably be one billion in circulation. “NYC Token is a next-generation cryptocurrency impressed by the relentless power and innovation of New York City,” the outline reads.
NYC Token Hit $580M Marketcap, Plunge 80% in Minutes Due to Rug Pull
The memecoin took off with a staggering $580 million in market cap following the launch, solely to crash 80% in a matter of minutes. The NYC Token worn out practically $500 million, after studies erupted that the memecoin had been rug-pulled.
Rune Crypto posted on X that a minimum of $3.4 million has been drained, following the withdrawal of a giant share of the token’s liquidity.
“Eric Adams, former NYC mayor, has simply eliminated liquidity of his new memecoin, $NYC, scamming traders for over $2,536,301,” Rune claimed.
Another crypto person, StarPlatinum, additionally flagged that the token is “extremely centralized and high risk.”
“Top 10 holders management 98.73% of all tokens,” the person wrote, including that 70% of the memecoin provide is managed by one pockets.
Eric Adams confronted 5 federal fees linked to a historic corruption case. But final 12 months, the case was dismissed with prejudice following the US Department of Justice’s request.
The submit Former New York Mayor Launches ‘NYC Token’ – Crashes 80% in minutes appeared first on Cryptonews.
