Hours after Eric Adams announced the launch of $NYCTOKEN to allegedly fight antisemitism and "anti-Americanism," the memecoin crashed, and millions of dollars had vanished from the cryptocurrency's total valuation.
Around 5:30 p.m. on Monday, trades began on $NYCTOKEN, and about 15 minutes later, its value had peaked to $0.50 per coin, according to the memecoin's preferred crypto exchange, Uniswap, after some anonymous wallets pumped sums of major cryptocurrency Solana worth five and six-digits in real dollars into the meme coin, driving the price up.
Then, within 30 minutes of the price peaking, those same anonymous wallets began selling millions of $NYCTOKEN, in chunks netting sizable amounts of Solana and real dollars.