Overview
- On-chain analytics show about $2.5 million in USDC was withdrawn near the peak and roughly $1.5 million was later returned, leaving close to $900,000 unreturned.
- The Solana-based memecoin briefly reached an implied $580–$600 million market cap before dropping 60%–80% within hours of launch.
- The project was pitched to fund campaigns against antisemitism and anti-Americanism, scholarships, and blockchain education, yet the website listed scant governance details, no whitepaper, and unnamed beneficiaries and co-founders.
- NYC Token’s team cited TWAP-based liquidity management and rebalancing, and Adams’ statement asserted the team did not withdraw funds or sell tokens, a claim under scrutiny by analysts reviewing the chain data.
- Individual traders reported heavy losses, including a wallet identified as Dr6s2o that lost more than $473,000 within minutes, as researchers continue to examine the token’s one-sided liquidity setup and early flows.