Former New York City Mayor Eric Adams launched a memecoin called NYC Token, aimed at combating antisemitism and anti-Americanism. The token's price surged to $0.8 but then dropped over 81% to about $0.11 amid allegations that the team pulled $1 million liquidity in a suspicious manner. Adams and his team deny rug pull accusations, stating liquidity removal was to rebalance the market and that they remain committed to the project.