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Wu said that according to Bubblemaps monitoring, the NYC token issued by former New York City Mayor Eric Adams once surged to a market cap of $600 million, then plummeted to less than $100 million. On-chain data shows that the wallet associated with the NYC deployer (9Ty4M) removed about 2.5 million USDC after creating unilateral liquidity on Meteora at the high price point, and re-injected about 1.5 million USDC after the price dropped 60%. Through this liquidity cycling operation, the team is suspected of cashing out over $1 million. Bubblemaps pointed out that this method is highly similar to the liquidity manipulation previously seen with LIBRA.