TechFlow News, January 13 — Former New York City Mayor Eric Adams recently launched a token called "New York City Token" ($NYC), claiming it aims to combat antisemitism and anti-American sentiment. The token's market cap initially surged to $600 million but later plummeted to less than $100 million. Blockchain analytics platform Bubblemaps revealed that a wallet associated with the token deployer, 9Ty4M, created a one-sided liquidity pool on the Meteora platform, withdrew approximately $2.5 million in USDC at the peak price, and only reinvested about $1.5 million after the token’s value dropped by 60%, resulting in a net profit of roughly $1 million.
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