Ex-NYC Mayor Adams' memecoin hits $580-mn m-cap after launch, crashes 80% in minutes

Former New York City Mayor Eric Adams launched a memecoin 'NYC Token' on Monday in a bid to address "anti-Americanism, anti-Semitism, and teach children about blockchain technology". The memecoin briefly hit $580 million in market capitalisation and then crashed 80% within minutes. This triggered accusations of a possible rug pull, a term used when liquidity is pulled from a token.