NYC Meme Coin Crashes, Sparking Rug Pull Accusations

[tradelikepro]

A meme coin linked to former New York City mayor Eric Adams has come under intense scrutiny after plunging more than 80%, dragging its market capitalization below $100 million. The token initially surged following a high-profile reveal in Times Square but quickly unraveled, prompting accusations from traders and analysts that the project may fit the pattern of a rug pull.

Onchain data flagged unusual liquidity movements, with analysts alleging that millions of dollars were removed shortly after the token peaked. Researchers from Nansen cited the lack of advance notice, the speed and scale of liquidity removal, and the failure to fully restore liquidity as key red flags—factors that significantly amplified losses once selling pressure began.

[Revenant]

Hype fades fast, liquidity matters more.

[cryptoenthusiast]

times square launch was the first red flag ngl