Former New York City Mayor Eric Adams launched a NYC meme coin on Monday, which surged to a $580 million market cap before crashing 81% to $110 million as a wallet linked to the deployer pulled $2.5 million in liquidity at the peak.

NYC Token Hits $580M Then Collapses In Minutes

Adams unveiled the Solana (CRYPTO: SOL)-based meme coin wearing a Fendi scarf and baseball cap showing the NYC ticker symbol, saying the project would fight “antisemitism and anti-Americanism” while teaching children blockchain technology.

The token rocketed from launch to a $580 million market cap within minutes before plummeting 81% as nearly $500 million in value evaporated. 

Analytics firm Bubblemaps…

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