NYC token endorsed by former mayor plummets 80% post-launch

The NYC token, a cryptocurrency endorsed by former New York Mayor Eric Adams, plummeted 80% immediately after its launch, Crypto Briefing reported. The token's market capitalization surged to $730 million shortly after its debut but collapsed to around $90 million within one hour. It is currently trading at a level of approximately $110 million. Adams had previously promoted NYC as a commemorative asset, stating that proceeds would be used for initiatives like education. The project has faced criticism for a lack of transparency, with its website missing key information such as a white paper and a list of partners. Additionally, on-chain analysis platform Bubble Maps has raised suspicions of liquidity manipulation, citing abnormal activity from NYC-related addresses.