altcoin surges doldrums Miami and New York City coins tank despite Mayoral endorsements

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.

 

 

Miami and New York City coins tank despite Mayoral endorsements
Miami and New York City coins tank despite Mayoral endorsements 3

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