Former New York City Mayor Eric Adams has unveiled a new cryptocurrency memecoin, ‘NYC Token’, which briefly reached a market capitalisation of $580 million before plummeting 80 per cent in minutes. Since the initial surge, nearly $500 million in value has been lost, highlighting the volatility surrounding the launch.
Adams announced the token on 12 January, telling reporters the proceeds would be used to tackle what he described as “anti-Americanism, antisemitism, and teach children about blockchain technology.” Speaking in New York, he framed the initiative as an extension of lessons learned during his four years in office and a response to what he sees as rising antisemitism and anti-American sentiment in the United States.
“Being Mayor for four years, there are many successes we’ve walked away with and there’s a lot of things that could have been done better. We learned a lot in the process,” Adams said. “What I’m seeing across the country in general, specifically in New York, is an increase in antisemitism and anti-Americanism. Our goal is: how do we use up-to-date technology to address this issue?”
Adams also referenced his personal engagement with cryptocurrency, noting that he took his first three mayoral paycheques in Bitcoin and Ethereum. This history earned him the nickname “Bitcoin Mayor” and is central to his claims that the token could serve a practical purpose beyond speculation.
Regarding the token’s revenue, Adams said it would fund educational initiatives on blockchain technology for children and support civic efforts in New York. However, no concrete details have been provided on how these objectives will be implemented, leaving questions about the token’s practical impact.
At the time of reporting, the NYC Token is not yet available for purchase, according to reports from Fortune and Binance. Analysts have noted that such memecoins are inherently volatile, and the dramatic post-launch price swings underscore the speculative nature of the market.
The launch has sparked discussion across social media and the crypto community, with observers highlighting both the ambitious intentions and the risks involved. Whether NYC Token will gain traction or fade amid the volatility remains to be seen, but the episode adds another chapter to the growing intersection of politics and cryptocurrency.
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