New York and Miami are ranked as two of the most crypto-friendly cities in the US. The two cities have their own coins, and following the recession witnessed in the market, the coins of these two cities have witnessed a massive plunge.
The mayors of these two cities have publicly endorsed cryptocurrencies and even said that they would accept their salaries in Bitcoin. However, the MiamiCoin (MIA) and NewYorkCityCoin (NYC) have dipped by 90% and 80%, respectively, from their all-time highs.
MiamiCoin and NewYorkCityCoin plunge
Data from CoinGecko shows that MIA has dropped by over 90% since hitting an ATH of $0.055 in September last year. This coin is now priced at $0.00475 at the time of writing. On the other hand, NYC has dipped by 80% from the ATH of $0.0006 created on March 3. The coin is now trading at $0.00000751.
The recent recession in the crypto space has affected the demand for many crypto assets, including MIA and NYC. The trading volumes for MIA are slightly above $70,000 after peaking at $1.6M at an ATH. NYC trading volumes have also dropped to $45,663 after peaking at $260,000.
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MiamiCoin was a notable development in the crypto space because it was the first city-based coin. The mayor of Miami, Francis Suarez, has provided several use cases for MIA and recently issued $5.25M from the coin’s reserve wallet to aid a rental assistance initiative.
The NYC was launched in November last year by the mayor of New York City, Eric Adams. Adams noted that the coin’s launch would enable the city to achieve its goals of tech advancements and innovation.
Coins launched in partnership with CityCoins
The two coins were launched through a partnership with the CityCoins project. CityCoins is a protocol on the Stacks blockchain that offers crypto fundraising platforms to local governments such as New York and Miami. So far, the two cities are the only partnerships that CityCoins has secured.
The CityCoins smart contracts allocate 30% of all the mining rewards to a reserve wallet targeted for the partnered city, and miners receive 70%. The MiamiCoin reserve wallet had around $24.7M by January this year, while New York had $30.8M, according to the Community Lead at CityCoins, Andre Serrano. At the time, Serrano noted that the growth of the reserve wallets was caused by increased mining demand.
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