The market capitalization of the NYC token, issued by former New York City Mayor Eric Adams, surged to $600 million before crashing to under $100 million, according to Bubblemaps. On-chain data reveals that a wallet linked to the NYC deployer (9Ty4M) removed approximately $2.5 million USDC at the token's price peak after creating one-sided liquidity on Meteora. The wallet then reinjected about $1.5 million USDC after a 60% price drop. This liquidity cycling allegedly allowed the team to cash out over $1 million. Bubblemaps noted similarities between this tactic and previous liquidity manipulation seen with LIBRA.