Despite Mayoral Endorsements, Miami And New York City coins Are In Decline

2022-05-17 | Selina Mathew

Despite Mayoral Endorsements, Miami And New York City coins Are In Decline

According to Michael Bloomberg, who was referring to the two previously publicised municipal currencies, "people will cease mining the coin if they can't earn money off of it."

Despite the mayors of both cities officially endorsing them, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have dropped 90% and 80% respectively from their all-time highs.

MIA's price has plunged 92 percent from its all-time high of $0.055 on Sept. 20 to $0.004 at the time of writing, according to CoinGecko statistics. While the value of NYC has dropped by 80% from its March 3 high of $0.006 to $0.0014.

Investors have been burnt by many other crypto assets recently, and demand for MIA and NYC currencies has nearly dried up.

The pair's trading volume in the last 24 hours was just $70,190 and $45,663, respectively. When MIA and NYC were at ATH levels, they respectively earned $1.6 million and $260,000 in 24 volumes.

Miami mayor Frances Suarez has spoken about MIA's possible applications on several occasions, most notably announcing in February that the city has spent $5.25 million from its reserve pocket to support a rental aid programme.

In November, New York City mayor Eric Adams greeted the city with open arms, saying, "We're happy to welcome you to the worldwide home of Web3!" We rely on technology and creativity to propel our city forward."

The assets were created by the CityCoins project, a Stacks layer-on blockchain-based protocol aimed at providing crypto fundraising routes for local governments like Miami and New York City, who are now its sole partners.

Despite any possible legislative ambiguities, CityCoins' smart contracts automatically distribute 30% of all mining earnings to a custodied reserve wallet for the associated city, with miners receiving the remaining 70%.


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