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Eric Adams’ memecoin team deflects after 82% crash: ‘Our partners had to rebalance the liquidity’
The team behind Eric Adams’ memecoin has spoken out after the token crashed some 82% hours after the former New York City mayor announced it in the middle of Times Square. Launched on January 12, the NYC Token rose to a $585 million market value in less than an hour. But it fell just as quickly after a wallet connected to the launch withdrew the funds supporting the token’s price on exchanges, sending it into freefall. Critics accused the NYC Token team of having orchestrated a rug pull, a type of crypto scam where developers build hype for a new crypto token then suddenly abandon it and leave it worthless, often ... (full story)
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