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Former NYC Mayor Eric Adams got swept up in the memecoin craze, launching a token that hit an eye-popping $580M market cap. Then reality hit hard—the thing cratered 80% in minutes. Nearly half a billion dollars in value just evaporated. The real kicker? Within an hour, someone pulled the entire liquidity pool, draining roughly $3.5M in USDC from the pair. Classic memecoin playbook: hype, peak, and then the rug gets yanked. It's a brutal reminder of how fast things can unwind when there's nothing but hot air backing the trade.