A memecoin launched by Former New York City Mayor Eric Adams sparked controversy Monday after it pumped and dumped, inviting allegations of a rug pull.

NYC Token’s Rollercoaster Ride

The NYC Token (NYC) launched on the Solana (CRYPTO: SOL) blockchain to fight what Adams described as growing “antisemitism and anti-Americanism” in the country and in New York City.

The memecoin started with a bang and swiftly gained a market valuation of $540 million, only to crash 80% to $87 million roughly 30 minutes later,  according to Dexscreener data.

As of this writing, the meme coin was valued at $128 million, still 75% below the initial frenzy. 

‘Rug Pull’ Allegations

The dramatic collapse…

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