Eric Adams’ Solana Meme Coin NYC Crashes After $580M Peak

• The NYC token reached a high of $0.58 with a total market capitalisation of $580 million, and the value reached less than $130 million. 
• Due to this sudden fall, some of the community members claimed the project team intentionally removed liquidity.

The ex-mayor of New York City, Eric Adams, has introduced a Solana-based meme coin, which he says will help in fighting increasing hate and influence the next wave of revolution in the city. 

The token is named the New York City Token (NYC), whose launch was announced through a January 13 X post, which later went live for trading on the Solana-based decentralised exchange Jupiter. 

In the post, Adams mentioned that he is proud to roll out the NYC token, which is made to fight the rapid spread of antisemitism and anti-Americanism over the country and now in New York City, and shared the link to the official website of the token. 

The post was accompanied by a video in which Adams was sitting in a taxi, stating that the project would take off like crazy. The DEXScreener data reveals that the NYC token reached a high of $0.58 with a total market capitalisation of $580 million; it was not long before that value dropped to less than $130 million in the current scenario. 

Community Claims the Project Team

Due to this sudden fall, some of the community members claimed the project team intentionally removed liquidity. Rune, a crypto analyst, revealed data suggesting that at least $3.4 million had been removed from the liquidity pool of the token. 

At the same time, Bubblemaps also shared an analysis which revealed that a wallet associated with the deployer of the token cleared $2.5 million in USDC liquidity when the token was hovering around its peak.

No one has confirmed these allegations officially, but the official X account of NYC token claimed that the team is using Time-Weighted Average Price (TWAP) mechanisms to handle the price stability of the token. 

The post also mentions that the funds are being accumulated to the liquidity pool slowly to ignore any market disruption after the initial launch volatility. 

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