Former New York Mayor’s ’NYC Token’ Plunges 80% Minutes After Launch - Crypto’s Latest Celebrity Flameout

Another day, another celebrity crypto project crashes back to Earth. This time, it's a former New York mayor taking the plunge.

The Rollout That Rolled Over

Minutes after its much-hyped debut, the so-called 'NYC Token' shed 80% of its value. The digital asset, linked to a former city leader, went from launch pad to crash site faster than a subway delay announcement.

Pattern Recognition

It's the same old story—big names, big promises, followed by even bigger sell-offs. The token's architecture promised urban utility and municipal engagement. What it delivered was a masterclass in liquidity evaporation.

The Aftermath

Trading charts show the classic pump-and-dump signature. Early buyers became immediate bag-holders. The 80% drop wasn't a correction—it was a gravitational reality check.

Finance's New Playground

Wall Street veterans would call this a 'learning experience.' Crypto natives call it Tuesday. The real innovation here isn't blockchain technology—it's finding new ways to separate the optimistic from their capital.

Celebrity tokens keep proving one universal truth: in crypto, your reputation is only as solid as your token's liquidity pool. And sometimes, not even that.

Memecoin to Address ‘Anti-Americanism, Antisemitism’

Addressing reporters in Times Square, NYC, on Monday, Adams said that the launch comes from his tenure as the city’s Mayor for four years. He noted that the NYC Token uses “up-to-date technology” to address what he calls rapidly growing “antisemitism and anti-Americanism.”

In a video posted by a reporter for the New York Daily News, Josie Stratman, Adams said that the project will teach children how to embrace the nascent blockchain tech.

“I’m not taking a salary at this time,” he told reporters. However, a decision to pay him a salary WOULD be considered later, he added.

The pro-crypto mayor Adams, 65, stepped back from reelection bid, citing financial struggles. Zohran Mamdani took over the NYC mayoral seat on January 1, with the official swearing-in ceremony at City Hall.

Before exiting, Adams established the “nation’s first-ever” municipal office for crypto and blockchain to promote “responsible innovation.”

The NYC Token official website said that there will be one billion in circulation. “NYC Token is a next-generation cryptocurrency inspired by the relentless energy and innovation of New York City,” the description reads.

NYC Token Hit $580M Marketcap, Plunge 80% in Minutes Due to Rug Pull

The memecoin took off with a staggering $580 million in market cap following the launch, only to crash 80% in a matter of minutes. The NYC Token wiped out nearly $500 million, after reports erupted that the memecoin had been rug-pulled.

Rune Crypto posted on X that at least $3.4 million has been drained, following the withdrawal of a large share of the token’s liquidity.

Eric Adams has now drained over $3,400,000 from the liquidity pool of his memecoin: it's now a rug-pull

funny enough, his networth was only $2,000,000 pic.twitter.com/bcNMDbnmrE

“Eric Adams, former NYC mayor, has just removed liquidity of his new memecoin, $NYC, scamming investors for over $2,536,301,” Rune claimed.

Another crypto user, StarPlatinum, also flagged that the token is “extremely centralized and high risk.”

“Top 10 holders control 98.73% of all tokens,” the user wrote, adding that 70% of the memecoin supply is controlled by one wallet.

Eric Adams faced five federal charges linked to a historic corruption case. But last year, the case was dismissed with prejudice following the US Department of Justice’s request.