Former NYC Mayor Eric Adams recently launched an $NYC memecoin, claiming it would combat 'antisemitism and anti-americanism.' What followed was a textbook pump-and-dump cycle. Retail investors flooded in, pushing the token to $580 million in market cap within hours. Then came the crash—80% wiped out in minutes. The mayor had already cashed out roughly $3 million before the collapse. This incident perfectly illustrates the risks lurking in memecoin frenzy. Celebrity or political figure involvement doesn't guarantee legitimacy. Hype can drive astronomical valuations overnight, but without substance, these projects are inherently unstable. Early insiders often exit with profits while later buyers absorb massive losses. For anyone considering memecoin investments, this serves as a stark reminder: verify tokenomics, check for insider sales patterns, and understand that celebrity backing alone isn't due diligence. The crypto market rewards both innovation and speculation—but the latter can devastate unprepared investors in seconds.