Eric Adams-Linked Crypto Token Collapses Amid Rug Pull Suspicions
A cryptocurrency token associated with former New York City mayor Eric Adams plummeted 75% within hours of launch, sparking concerns of a potential rug pull. The token, marketed as a socially conscious digital asset, initially attracted retail traders drawn to Adams' pro-crypto stance.
Blockchain analysis revealed concentrated token ownership and rapid sell-offs by early holders. Market observers noted structural flaws including lack of vesting schedules and liquidity locks—classic warning signs of pump-and-dump schemes. The collapse erased millions in market value almost as quickly as it appeared.
This incident highlights persistent risks in the meme coin sector, where celebrity affiliations often mask poor tokenomics. While the broader crypto market shows resilience with major assets like BTC and ETH holding steady, such episodes reinforce the need for investor caution around speculative altcoins.
