Former New York City Mayor Eric Adams has launched the $NYC meme coin, promising that 70% of the supply will be used for social welfare projects. The token's market cap soared to $600 million before plummeting over 80% to approximately $108 million, due to early wallet users withdrawing liquidity and taking profits. On-chain analysis shows a high concentration of early holders, raising concerns about a potential "exit scam."
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Former New York City Mayor Eric Adams has launched the $NYC meme coin, promising that 70% of the supply will be used for social welfare projects. The token's market cap soared to $600 million before plummeting over 80% to approximately $108 million, due to early wallet users withdrawing liquidity and taking profits. On-chain analysis shows a high concentration of early holders, raising concerns about a potential "exit scam."