Overview
- NYC Token, promoted by the former mayor as a civic-minded coin, briefly reached roughly $580–$700 million in market value before plunging 60% to 80% and partially recovering.
- Bubblemaps and other trackers show $2.5 million in USDC withdrawn near the price peak, with about $1.5 million later returned to the pool and roughly $900,000 unreturned.
- The token team said the movements reflected market‑maker rebalancing and TWAP activity, asserted the team has not sold tokens, and pledged long‑term transparency, a claim disputed by analysts.
- The rollout lacked key disclosures, with no named co-founders, unclear fund management, and nonfunctional website links; Fortune reports a link to C18 Digital and an outside party planning a cease‑and‑desist.
- Project materials cite a 1 billion token supply with large reserves outside circulation, and the launch used Solana DEX infrastructure with one‑sided liquidity pools that can obscure effective sell pressure.