NYC Mayor’s Token: A Rug Pull of Epic Proportions 🎩💰

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The launch of the said token, linked to the former Mayor of New York, proved most lamentable, collapsing with alarming swiftness within mere hours. A most unfortunate turn, indeed, for those who fancied themselves investors in this grand scheme of political whimsy.

Allegations of clandestine dealings and manipulations of liquidity ensued, inciting indignation and a deluge of scrutiny throughout the crypto realm. One might say the affair was as scandalous as a ballroom brawl, albeit with far fewer dancing shoes and more drained wallets.

Political Token Disaster

On-chain analysts and blockchain trackers averred that the token was launched with haste, garnering immense attention through the Mayor’s name and his public endorsements. Many traders, misled by such pompous proclamations, presumed it bore the seal of official sanction. The fervor, as might be expected, elevated the token’s market capitalization to nearly six hundred million dollars in a trice-though, alas, not for long.

However, the rally was as fleeting as a summer breeze. Data from Bubblemaps unveiled suspicious liquidity pool activity, tied to a wallet of dubious repute. One such wallet, 9Ty4M, created a one-sided liquidity pool on Meteora, then absconded with a sum of two and a half million USDC near the price’s zenith. A most ungentlemanly act, if ever there was one.

After the token plummeted by a disheartening 60%, the same wallet returned but with a mere 1.5 million, siphoning another million in the process. No explanation was offered, save perhaps the universal truth that greed knows no bounds. 🧛‍♂️

Subsequently, the token’s market cap nosedived below a hundred million. Blockchain investigator Rune Crypto declared it a rug pull of the most heinous sort, noting that liquidity extraction later surpassed 3.4 million. Lookonchain corroborated these claims, confirming the panic selling that ensued. One trader, alas, lost over 63% of their stake in under twenty minutes-a most tragicomedy of errors.

The token’s ownership structure, with one wallet controlling 70% of the supply and the top ten wallets hoarding nearly all, raised immediate red flags. Such concentration of power is as alarming as a rogue parson in a country estate, leaving insiders in near-absolute control of price fluctuations.

To exacerbate matters, multiple counterfeit NYC tokens emerged, splitting liquidity and bewildering traders. The Mayor framed the token as a political statement against antisemitism and anti-Americanism, yet investigators insisted there was no government involvement, public funds, or transparency. As liquidity vanished and prices collapsed, market watchers likened the incident to previous manipulations, calling it one of the most extreme political-themed crypto rugs of 2026. A most unfortunate legacy, indeed.

Hoskinson Weighs In on Meme Coins

The chaos surrounding the NYC token echoes concerns in the industry about politically tied tokens and the risks they pose to investors. Cardano‘s founder, Charles Hoskinson, criticized the US President’s involvement with meme coins, deeming it “extractive” and politically divisive. A most unflattering assessment, if one may say so.

He opined that such tokens undermine bipartisan efforts to regulate crypto, stalling legislation like the Clarity Act and fostering an environment where the sector risks being seen as corrupt. Hoskinson added that launching such coins without proper structure or transparency alienates half the country and leaves investors exposed to losses. A most lamentable state of affairs, indeed.

While not entirely opposed to meme coins, he warned that politicized launches can collapse trust, fuel scams, and turn the market into a “predatory free-for-all.” A most dire warning, if one dares to heed it.

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2026-01-13 16:40