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Out Of Office, Into Crypto: Ex-NYC Mayor Debuts ‘NYC Token’ Memecoin

Former New York City Mayor Eric Adams unveiled a brand new cryptocurrency known as “NYC Token” on January 12, 2026, drawing fast consideration and equally quick criticism.

According to reviews, Adams offered the mission in Times Square and framed it as a approach to help schooling and to struggle anti-semitism and anti-American sentiment. The token is constructed on the Solana blockchain, based mostly on data launched on the launch.

Token Launch And Purpose

According to the official pitch and subsequent statements, proceeds from the token have been to assist fund scholarships and blockchain coaching packages for underserved communities.

Adams described the coin as a civic image tied to New York’s identification and international attain. The launch was promoted with guarantees of group advantages, however critics mentioned the general public details about governance and fund dealing with was skinny.

Market Moves

The market reacted in a rush. Based on reviews, the token briefly confirmed an implied market cap of about $580 million–$730 million within the first hours after buying and selling started. Then costs tumbled.

Trades confirmed a fall of roughly 80% because the token’s value dropped from close to $0.46 to about $0.10 shortly after markets opened for the asset. Trading quantity spiked after which collapsed, leaving many merchants dealing with huge losses.

Liquidity And Allegations

On-chain observers and crypto analysts flagged sudden withdrawals of liquidity minutes after the token’s debut. Reports have disclosed that tens of millions of {dollars} have been pulled from buying and selling swimming pools, which prompted accusations of a rug pull from some corners of the crypto group.

The token’s official web site was additionally criticized for lacking or nonfunctional hyperlinks to key paperwork, and there was little element about which teams would obtain funds or how selections can be made.

Adams’ Crypto Record: Political Context

Eric Adams is not any stranger to digital belongings. During his time in workplace he transformed components of his wage to Bitcoin and Ethereum and pushed insurance policies to draw blockchain companies to town.

His successor, Mayor Zohran Mamdani, declined to participate within the token mission and didn’t endorse it. That cut up in strategy raised questions on whether or not a former official ought to use his public profile to advertise a privately issued coin.

Public Response

Analysts known as for transparency and urged a more in-depth take a look at on-chain knowledge. Based on reviews from blockchain trackers, some transfers and liquidity extractions have been seen publicly on the Solana community, which added to the scrutiny.

Community teams and buyers requested for clearer disclosures, whereas authorized specialists warned that investigations or regulatory consideration may comply with if cash was moved in ways in which harmed odd consumers.

Featured picture by ThomasShanahan / iStock.com, chart from TradingView

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