$NYC token crash with ex-NYC Mayor

The ex-mayor of NYC introduced a token called $NYC, claiming it would combat anti-American sentiment. But right after launching, the price plummeted. It shot up to a market cap of 600 million in just minutes, then dropped by 75%. Classic rug pull vibes. Honestly, it's wild that a well-known figure like a former mayor got mixed up in this. Some are debating if he was just another victim or if he had some gain from the whole mess. One thing's clear, this situation shows that just because a token is backed by a recognizable name, it doesn't mean it's trustworthy. Whether it's a current politician or a former one, we really gotta stay alert about these altcoins.

is this the token you are referring? https://coinmarketcap.com/currencies/nyc-token/ I can see how hard it dumped, but I’m honestly curious how it even managed to get that kind of volume when it’s not listed on any major exchange. I really don’t understand why people still fall for this stuff. Instead of putting money into tokens like this, they’d be better off investing in Bitcoin or at least established altcoins that have been around for years and already proved themselves.