Former NYC Mayor Launches Meme Coin; Token Price Plummets 80%

Former New York City Mayor Eric Adams has introduced a new meme coin, the NYC Token, which has already experienced a significant drop in value shortly after its launch. Analysts from Bubblemaps have raised concerns over potential manipulation, suggesting that a wallet associated with Adams profited approximately $1 million through questionable liquidity pool activities.

The NYC Token was unveiled on January 12, 2026, during an event in Times Square. In his announcement, Adams stated that the token aims to address issues of antisemitism and anti-Americanism, with all proceeds earmarked for a nonprofit organization. He emphasized the potential for blockchain technology to enhance city operations, drawing parallels to Walmart's use of blockchain for supply chain transparency.

Despite the ambitious goals, the NYC Token's website lacks substantive details about its future direction. The tokenomics indicate that 40% of the total supply of one billion tokens is designated for community rewards, 25% for liquidity, 15% for development, and the remaining 20% split between marketing and the team.

However, just 30 minutes post-launch, the token's price plummeted from $0.47 to approximately $0.10, with its market capitalization collapsing from $500 million to under $128 million. Experts noted suspicious movements, including the transfer of 80 million tokens to a liquidity-providing account on the decentralized exchange Meteora, which then withdrew $2.5 million at the peak price before returning only $1.5 million after a significant drop in value.

On-chain analyst Rune estimated that investors could have lost around $3.4 million due to the activities surrounding the NYC Token. The situation has drawn comparisons to the controversial launch of the LIBRA token, which faced similar scrutiny. Adams, who has previously expressed a desire to position New York as a global crypto hub, has come under fire for the swift decline of his latest venture.