Former New York City Mayor Eric Adams, a longtime cryptocurrency enthusiast, has sparked intense controversy by launching the $NYC Token, a Solana-based memecoin pitched as a tool to combat antisemitism, anti-Americanism, and promote blockchain education. The project quickly drew massive attention but soon faced severe rug pull concerns after a dramatic price collapse wiped out over 80% of its value in minutes.
Adams unveiled the token during a high-profile event in Times Square and promoted it directly on X. As he posted on X: “Proud to launch @buynyctoken, a new token built to fight the rapid spread of antisemitism and anti-Americanism across this country and now in New York City. Now live at https://www.buynyctoken.com/” The accompanying video showed Adams enthusiastically touting the project’s civic goals, including funding scholarships and youth education in blockchain technology.
Watch Adams’ full launch announcement in the video embedded in his X post linked above.
The token exploded immediately after going live, surging to a peak market capitalization of around $600 million as traders piled in. However, the rally proved short-lived. On-chain analysts soon reported that wallets associated with the deployer removed millions in liquidity at the price peak—approximately $3.18 million in USDC according to some estimates—triggering panic selling and an 81% crash. The price plummeted from highs near $0.58 to around $0.11, leaving the market cap under $100 million. Some liquidity was later added back, but significant funds remained withdrawn, fueling widespread accusations of a classic rug pull.
Critics argue the lack of transparency around team members, fund allocation, and nonprofit partnerships raised red flags from the start. While Adams claimed proceeds would support charitable causes, no concrete details on governance or controls have emerged. The incident has reignited debates about celebrity and political memecoins, with many viewing it as another example of hype-driven projects exploiting retail enthusiasm.
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As the crypto space continues to attract high-profile figures, events like the $NYC Token saga serve as stark reminders of the risks in unregulated memecoin launches. Investors caught in the downturn suffered heavy losses, highlighting the volatility and potential for manipulation in this corner of the market.
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