Miami and New York tokens fall by 85% amid cryptocurrency market crisis

Despite the fact that they were publicly endorsed by the mayors of both cities, MiamiCoin (MIA) and New York City Coin (NYC) have fallen by 90% and 80% from their all-time highs.

It got to the point where the trading volume for the coins over the past 24 hours was only $ 70,190 and $ 45,663. From this, we can conclude that the demand for tokens has practically dried up amid panic in the cryptocurrency market and the loss of many investors' funds.

The coins were developed as part of the CityCoins project, which aims to provide cryptocurrency fundraising opportunities for local governments. CityCoins smart contracts automatically allocate 30% of all mining rewards to a backup wallet for the partner city, while miners receive 70%.