Former NYC Mayor Launches ‘NYC Token’ – Plummets 80% in Minutes

Summary: Eric Adams, the former Mayor of New York City, has introduced NYC Token in an effort to combat rising antisemitism and anti-Americanism. However, shortly after its launch, the memecoin experienced a staggering 80% crash, mainly attributed to a liquidity withdrawal that indicated a potential rug pull.

Key Takeaways

Eric Adams launched NYC Token as a digital currency to tackle antisemitism and anti-Americanism.
The token initially soared to a $580 million market cap but then plummeted 80% shortly after launch.
Reports suggest that the token could have experienced a rug pull, with significant liquidity withdrawn from the market.
Concerns about centralization were raised, as a small number of holders control a large portion of the total supply.
Adams previously stepped back from reelection due to financial issues.

NYC Token

NYC Token: A New Digital Currency for a Cause

Eric Adams, previously known as the "Bitcoin Mayor" of New York City, has unveiled a new digital currency called NYC Token. He aims to utilize this token to fight against what he describes as the growing problems of antisemitism and anti-Americanism in the United States.

During the launch announcement made from a taxi cab, Adams proclaimed, “We’re about to change the game. If you can’t make it to New York, we’re going to bring New York to you.” He expressed optimism for the token's future, asserting that “this thing is about to take off like crazy.”

Tackling Important Social Issues with Technology

At a press conference in Times Square, Adams highlighted that his idea for NYC Token stemmed from his four years as Mayor. He indicated that the token is built on modern technology designed to address these significant social concerns.

In a video shared by reporter Josie Stratman from the New York Daily News, Adams also mentioned that one of the educational goals of the NYC Token is to teach children about blockchain technology. While he stated that he is currently not taking a salary related to this project, he mentioned the possibility of consideration for a salary in the future.

Adams, who recently stepped away from seeking reelection due to financial challenges, was succeeded by Zohran Mamdani on January 1. Before leaving office, he established the nation’s first municipal office dedicated specifically to cryptocurrency and blockchain, aiming to foster “responsible innovation.”

The official NYC Token website claims there will be a total of one billion tokens in circulation, describing it as a “next-generation cryptocurrency inspired by the relentless energy and innovation of New York City.”

Dramatic Market Impact: From Boom to Bust

Upon its launch, NYC Token skyrocketed to a remarkable market capitalization of $580 million. However, this triumph was short-lived, as the token's value plunged 80% within minutes. The token's decline wiped out nearly $500 million in market value, triggering alarm bells after reports of a possible rug pull emerged, in which the liquidity was withdrawn by key stakeholders.

Rune Crypto reported on social media that approximately $3.4 million had been removed, leading to concerns among investors. One post stated, “Eric Adams, former NYC mayor, has just removed liquidity of his new memecoin, $NYC, scamming investors for over $2,536,301.”

Another crypto enthusiast, StarPlatinum, pointed out that the token's distribution is highly centralized, with the top ten holders controlling an astonishing 98.73% of all tokens, and one wallet possessing 70% of the total supply.

Notably, over the past year, Adams faced five federal charges related to a significant corruption case, which was ultimately dismissed at the request of the U.S. Department of Justice.

Token Rug Pull

In summary, the initial excitement surrounding the NYC Token has been marred by concerns about its long-term viability and the circumstances surrounding its launch.