Former New York City Mayor Eric Adams's "NYC meme coin" plummeted over 80%, with a market cap falling below $100 million, reportedly due to someone suddenly withdrawing $3.4 million in liquidity. Blockchain analysts pointed out that this sudden, unannounced withdrawal of funds is a typical "pump and dump" behavior, causing traders to fall into a trap; among the 4,300 traders who had traded the token, about 60% suffered losses. Although Adams's spokesperson denied any misconduct and stated that such fluctuations are common in new assets, Nansen analysts listed four key reasons why this incident fits the definition of a "pump and dump."