Eric Adams-Promoted Memecoin Crashes 80% Minutes After Launch, Sparking Rug Pull Allegations Against Former NYC Mayor

Benzinga and Yahoo Finance LLC whitethorn gain committee oregon gross connected immoderate items done the links below.

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

The NYC Token (NYC) launched connected the Solana (CRYPTO: SOL) blockchain to combat what Adams described arsenic increasing “antisemitism and anti-Americanism” successful the state and successful New York City.

The memecoin started with a bang and swiftly gained a marketplace valuation of $540 million, lone to clang 80% to $87 cardinal astir 30 minutes later,  according to Dexscreener data.

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As of this writing, the meme coin was valued astatine $128 million, inactive 75% beneath the archetypal frenzy.

The melodramatic illness sparked outrage, with respective fashionable X accounts accusing Adams of a rug pull.

Cryptocurrency expert Emperor Osmo said that Adams removed liquidity from his ain token and made implicit $3 cardinal done the scam.

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Rune, different wide followed on-chain analyst, made the aforesaid allegation.

Eric Adams, erstwhile NYC major, has conscionable removed the full liquidity excavation of his caller memecoin: a full of $3,430,000 scammed https://t.co/QgGAVzgM3H pic.twitter.com/UdEbufckS3

X users person besides added a assemblage enactment to Adams’ station promoting the memecoin, which reads, “Former Mayor Eric Adams instantly withdrew his liquidity from the coin, successful what is typically called a ‘rug pull.'”

The squad down the NYC token reacted to the controversy, stating that its partners had to “rebalance the liquidity” owed to “overwhelming demand” for the memecoin.