Eric Adams has made his first major public move since leaving the New York City Mayor’s Office, launching a New York City–themed crypto token aimed at addressing antisemitism and “anti-Americanism.”
In a post to X on Monday, Adams announced the launch of the NYC Token, with a link to a website that says it also aims to inspire the next wave of innovation in NYC.
“I always say there are two types of Americans, those who live in New York and those who wish they could,” Adams said in a video, adding that “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,” Adams said, suggesting that the NYC-themed token was poised to “take off like crazy.”
In an interview with FOX Business, Adams explained that proceeds from the NYC Token would provide funding to non-profits to raise awareness about antisemitism and anti-Americanism through education programs. It will also be used to fund education about blockchain and crypto and support scholarships for NYC students in underserved communities.
NYC Token plunges soon after launch
Adam’s new memecoin, however, saw a rocky launch.
DEXScreener data shows that the Solana-based token fell from $0.47 to the $0.10 roughly 30 minutes after launching, with the market cap falling from near $500 million to less than $110 million at the time of writing.
There are also unverified accusations that the team behind the token has intentionally removed liquidity, with crypto analyst Rune citing blockchain data suggesting investors have been scammed out of more than $3.4 million.
Cointelegraph reached out to Adams for comment but didn’t receive an immediate response.
Questions remain over what’s next for the NYC token
The NYC Token website provides little information on the project’s direction. The website’s “Buy NYC Token” and “Read Whitepaper” buttons also currently don’t work.
However, information on its tokenomics states that 40% of the NYC tokens are allocated to community rewards, 25% to liquidity, 15% to development, and the remaining 20% split between marketing and the team.
The website also suggests that Adams may pursue more than a token launch, stating: “We’re creating a decentralized financial ecosystem that’s as ambitious as the city itself.”
NYC has shifted direction
Adams left office on Jan. 1 and was succeeded by Zohran Mamdani following the city’s November election
Related: Crypto custody company BitGo seeks up to $201 million in US IPO
Adams was one of the most pro-crypto mayors in the US when leading the mayor’s office and was well-known for converting some of his earliest paychecks into crypto.
Mamdani, however, adopts a far more anti-capitalist stance, a position that has drawn criticism from many in the crypto industry, with some warning that his leadership could drive tech talent out of the city.
Magazine: One metric shows crypto is now in a bear market: Carl ‘The Moon’
Source: https://cointelegraph.com/news/former-nyc-mayor-eric-adams-launches-token?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
