Miami and New York City coins tank despite Mayoral endorsements

– The price of MiamiCoin (MIA) and NewYorkCityCoin (NYC) have both dropped significantly since their all-time highs.
– MIA has dropped 92% since its ATH of $0.055, while NYC has dropped 80% since its ATH of $0.006.
– Trading volume for both MIA and NYC has decreased significantly since their all-time highs.
– MIA and NYC were developed by the CityCoins project, a Stacks layer-on blockchain-based protocol aiming to provide crypto fundraising avenues for local governments.
– A key incentive for the CityCoins project is that 30% of all mining rewards are automatically allocated to a custodied reserve wallet for the partnered city.
– However, while the governments have benefited from the partnerships, the user/investor side of things appears to be less successful.
– Michael Bloomberg, an urban technology researcher at Cornell Tech, has suggested that the coins could even become useless to the cities if extra utility isn’t added capture investor appetite.