2026-01-13 13:37:41

The $NYC token launched on the Solana network presents an interesting case. Initially introduced with a social responsibility narrative, it emphasized combating antisemitism and anti-American sentiments. The token quickly reached a market capitalization of $600 million.

However, what stands out here is the lack of transparency. There appears to be no official support or open communication structure. On-chain analysis reveals an even more intriguing picture: a large portion of the token supply is controlled by a single wallet. This kind of concentration highlights centralization risks and potential for manipulation.

While such structures are quite common in Web3, transparency in token distribution and ownership structure is an important warning sign for investors.

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GasFeeBarbecue

· 8h ago

60 billion about to crash again? This trick is old It's just a facade of social responsibility, stuffing power... Can you trust single-wallet hoarding? I spit on it Web3 is still playing this game, it's time to wake up Where's the promised decentralization? Laughing to death

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GasFeeLover

· 8h ago

Another classic move of character redemption and token concentration in a single wallet... 600 million market cap, go to hell.

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SandwichDetector

· 8h ago

Another excuse for social responsibility; at the end of the day, it's still a wallet that calls the shots. This trick has been used too many times.

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LiquidatedThrice

· 8h ago

It's the same old trick again, under the guise of social responsibility, no one really cares... 600 million cannon fodder bagholders are born like this. Single wallet control, isn't this just blatant? How is Solana still allowing this kind of thing? Have you heard of rug pull? This is just the prelude.

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rekt_but_resilient

· 9h ago

It's the same old trick again, pretty social responsibility packaging, while secretly holding the majority in one wallet... With a market cap of 600 million, it grew incredibly fast. When I turn around and look at the on-chain data, uh uh uh, who would believe this?

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