Former NYC Mayor Eric Adams’ Memecoin Soars to $580M, Plunges 80% Minutes Later
Blockchain analysis suggests a $2.5 million liquidity withdrawal linked to NYC Token’s deployer, fueling rug pull accusations against Eric Adams despite team claims of rebalancing for long-term stability.
Former New York City Mayor Eric Adams is facing criticism after his NYC Token crashed from a $580 million market cap to about $133 million shortly after launch. Blockchain analysis by Bubblemaps identified a $2.5 million liquidity withdrawal by a wallet linked to the deployer, with $1.5 million later returned and roughly $900,000 unaccounted for. Social media users accuse Adams of a rug pull, while he pledges token proceeds to nonprofits and blockchain education. The NYC Token team acknowledged the withdrawal, citing liquidity rebalancing, and later injected additional funds. Delaware records show project partner C18 Digital was incorporated on December 30, 2025. The token’s launch used a one-sided liquidity pool in USDC, a method analysts say can mask sell-offs.
- Memecoin: A cryptocurrency driven primarily by internet culture and hype, typically lacking fundamental utility.
- Liquidity: Funds available in trading pools or order books that allow assets to be bought or sold without large price swings; loss of liquidity reduces tradability.
- Liquidity pool: A collection of funds locked in a smart contract to facilitate decentralized trading, often involving paired assets for exchanges.