Friday, December 2, 2022

New York And Miami Coins Crash Despite Mayoral Endorsements

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New York and Miami coins are crashing despite being endorsed by the mayors in both of the cities as we can see more about it in our latest altcoin news.

Michael Bloomberg referred to that who hyped coins as:

“People will stop mining the coin if they can’t make money off of it.”

Despite being endorsed by the mayors of both cities, New York and Miami coins are dropping by 80% and 90% as of the time of writing respectively. According to the data from CoinGecko, the price of MIA dropped 92% since its ATH of $0.055 to sit at $0.004 at the time of writing. While the NYC coin dropped by more than 80% from its high at $0.006, it now trades at $0.0014. with the investors getting burned on other crypto-assets as of late, the demand for MIA and NYC coins dried up almost entirely.

The trading volume for the duo over the past day totaled $70,190 and $45,663 and in comparison when MIA and NYC were at ATH levels so they generated $1.6 million and $260,000 worth of 24 volumes per piece. The Miami mayor Frances Suarez spoke about the use cases of MIA on multiple occasions and it recently announced that the local government disburse $5.26 million from the reserve wallet and supports a rental assistance program.

eric adams
Eric Adams, Source nytimes.com

The New York City mayor Eric Adams welcomed NYC with open arms back in November after hte stated that they were glad to welcome people to the global home of the Web and they continued on tech and innovation to help drive the city forward. The assets were developed by the Citycoins project as a Stack layer on blockchain protocol aiming to provide crypto fundraising avenues for local governments like Miami and New York City as the two main partners so far. The key incentive despite potential regulatory grey areas is that the CityCoin’s smart contracts allocate 30% of the mining rewards to the custodied reserve wallets for the city while the miners receive 70%.

The value of the Miami and New York City’s reserve wallets hit around $24.7 million and $30.8 million as per the Citycoins community lead Andre Serrano who suggested that was a strong community demand and mining the asset at the time. While the governments benefited from the partnerships, the users and investor side of the things seem to share mining rewards and a 9% annual BTC yield from stacking as the assets on the Stacks blockchain whcih is not enticing enough to drive the stronger demand.

Michael Bloomberg suggested that the coins could become useless to the cities if extra utility is not added to capture the investor appetite:

“People will stop mining the coin if they can’t make money off of it, and the only way they make money off of it is convincing greater fools to participate.”

 

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