2026-01-13 17:20:31

Another politically-backed memecoin on Solana has crashed.

Former New York City Mayor Eric Adams issued the NYC Token on the Solana chain, claiming it would be used to fund hate crime prevention and crypto education programs. It sounded promising, but the market gave a harsh reality check.

The price plummeted rapidly. In just 30 minutes, it dropped from $0.47 to $0.10, a decline of over 80%. This is a typical memecoin story—initial hype and grandiose claims, followed by a sharp decline in trading volume.

This also highlights a key issue: fame and storytelling alone are not enough. Although the Solana ecosystem has attracted various project participants, the proliferation of memecoins and uneven project quality still exist. Political figures' involvement cannot change the fundamental market logic—without real use cases and community support, even the most dazzling promises cannot withstand the test on exchanges.

SOL1,96%

MEME0,68%

TOKEN1,74%

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FlippedSignal

· 10h ago

80% drop in 30 minutes, that's just outrageous haha. Politicians messing with coins is really the same old story, no matter how beautiful the story is, it’s useless. NYC Token has become a textbook example of a negative case, there are really too many projects like this on Solana, mostly just to scam retail investors. Fame doesn't matter without fundamentals, the market is always the most honest. This wave was a bit brutal, pity those who bought in at high levels. Memecoin relies on stories to survive, but every story has an end. So that's why I only look at technology and community, everything else is虚的. When politicians enter the crypto space, this is probably the usual ending... I really didn't expect anything different. NYC Token's liquidity pool is probably drained directly, this move is too obvious. Projects like this keep emerging in the Solana ecosystem, someone really needs to regulate them properly. Another "great promise" lasted only half an hour in the trading pair, not even fresh anymore.

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GasGoblin

· 01-13 17:48

Politicians getting involved in crypto, it's a dead end on Solana. An 80% drop, hilarious. Did they think fame alone could protect the market? It was about time. Memecoins should be used to make these chasers of quick profits dump their holdings. NYC Token really, still talking about hate crime prevention... Just from this rhetoric, you know it's time to run. Wait, is someone still buying at the bottom? That's not rational. Another politician educated by the market, where's the promised community support? All bloodshed by retail investors. A 30-minute crash—this is the daily life of Solana memecoins, nothing new anymore.

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PuzzledScholar

· 01-13 17:44

Haha, even the mayor has to kneel; fame is worthless in front of memecoin --- Another "story" coin, but still doomed to rug pull --- 80% drop in 30 minutes, at this speed... traders probably got liquidated before they even reacted --- Solana's ecosystem, it dares to launch anything and dare to throw anything --- No matter how good the promise sounds, it's useless; the market is the most honest --- NYC Token? More like NYC Scam --- I just want to know who the hell is really buying this... --- Politicians entering the crypto space is just asking for death; the market doesn't care who you are --- Another "world-changing" project, but what it changes is the assets of the holders --- Looking at this speed, the insiders probably already ran away

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GasWhisperer

· 01-13 17:40

watched that $0.47 → $0.10 rug in real time lmao... gwei patterns don't lie but political tokens? those are just noise in the mempool honestly. eric adams really thought name recognition = market floor 💀

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NftBankruptcyClub

· 01-13 17:38

Politicians creating coins is just like this; no matter how big the reputation, in front of the market, it's just a little brother. --- Eric Adams, this move is really outrageous. An 80% drop is probably just openly cutting the leeks. --- Another fake story coin. Even if it sounds good, it's just to make a quick buck and then run. --- Memecoin should have been regulated long ago. Anyone and everyone is launching coins. --- Popularity ≠ value. Haven't people in this market learned that yet? --- That's why I don't touch political coins. There are too many tricks involved. --- In just 30 minutes, it dropped to 0.1... Should have known to short it. --- The Solana ecosystem really dares to list anything; quality is questionable. --- No matter how good the promises are, without real utility, it's just air. --- Basically, it's just a rug pull disguised as a good deed.

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DeFiCaffeinator

· 01-13 17:29

Haha, same old trick. A celebrity halo can't save memecoin either. --- 80% drop in 30 minutes, how many people got caught? --- Honestly, no matter how good the story is, if there's no fundamentals, it's worthless. --- The Solana ecosystem is really a bit chaotic now, daring to launch anything. --- Politicians playing with coins is truly the biggest red flag, no exceptions. --- NYC Token sounds unreliable just by the name, those following the trend deserve it. --- Honestly, I don't look at these kinds of projects at all; it's obvious they're just a game for bagholders. --- Right now, memecoin feels like a lottery, with a chance of winning less than being struck by the Lightning Network. --- No matter how loud the hype, it’s all talk. In the end, on-chain data speaks for itself.

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MeltdownSurvivalist

· 01-13 17:25

Politicians playing memecoins is truly incredible, with an 80% drop in 30 minutes. This wave of retail investors got really slaughtered. Celebrity effect can't save useless projects; I should have seen this pattern clearly a long time ago. The NYC Token crash proves a truth: the more hyped something is on Solana, the more cautious you should be. Another "charity" token, but it still couldn't escape the fate of a rug pull. Politicians involved in crypto is really a disaster script; it's always the same story every time. That's why I only look at fundamentals, regardless of who is behind it.

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