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Gate Square New & Returning Creator Rewards are ongoing!
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Former New York City Mayor Eric Adams has launched a Solana-based meme token, NYC, aimed at combating anti-Semitism and supporting innovation. The token's market cap once soared to $580 million, but after a price decline, it faced allegations of withdrawal. Analysts pointed out that $3.4 million was lost in its liquidity pool, with $2.5 million of USDC removed near the price peak, and only $1.5 million ultimately returned. The team claimed to use a TWAP strategy to manage volatility, but this incident highlights the liquidity risks of new meme tokens.