In a move blending political legacy-building with cryptocurrency hype, former New York City Mayor Eric Adams launched the $NYC token on January 12, 2026, positioning it as a tool to combat antisemitism, anti-Americanism, and educate youth on blockchain technology. Announced during a Times Square press conference and promoted on Fox Business, the Solana-based memecoin surged to a staggering $600 million market cap within minutes — only to plummet over 80% amid accusations of liquidity manipulation and a potential "rug pull."
This rapid rise and fall has ignited debates about celebrity-endorsed tokens, regulatory gaps, and Adams' ongoing crypto enthusiasm, which dates back to his mayoral tenure. This article unpacks the launch, supplemented with on-chain data and industry reactions, revealing a tale of ambition clashing with transparency concerns.
Adams' Crypto Legacy: From Mayor to Memecoin Mogul
Eric Adams has long been a vocal crypto advocate, using his platform to champion digital assets during his 2022-2025 mayoral term. He famously converted his first three paychecks into Bitcoin and Ether, declaring New York the "center of the cryptocurrency industry."
Undeterred, he established New York's Office of Digital Assets and Blockchain Technology via executive order in October 2025, aiming to attract blockchain investments and educate the public. He hosted a crypto summit at Gracie Mansion in May 2025 and spoke at Bitcoin 2025, reinforcing his pro-crypto stance.
However, Adams' term was marred by scandals. In November 2025, he faced a DOJ indictment for bribery and illegal campaign contributions, though charges were dropped under the incoming Trump administration. Ethics watchdogs criticized his crypto ties, including a super PAC leader who helped organize the summit and raised $5 million for his reelection.
As of October 2025, Adams owed $4.5 million in legal fees from related defenses. Post-mayoralty, he jetted to Dubai for "stem cell" discussions before returning to unveil $NYC, insisting he takes no initial salary from the project.
The $NYC Token Launch: Noble Goals or Vague Promises?
Adams pitched $NYC as more than a memecoin — a "movement" representing New York's energy for "dreamers, innovators, and believers." With a total supply of 1 billion tokens, proceeds would fund nonprofits battling hatred, support blockchain education for NYC youth, and create scholarships.
He emphasized using revenue to "address anti-Americanism, antisemitism, [and] teach our children how to embrace the blockchain technology." The token's website (buynyctoken.com) claimed a $2.5 million market cap and 10,000 holders at launch but lacked team details, functional buttons, or clear fund allocation plans — directing funds to an entity called "C18 Digital."
No partners were named during the announcement, fueling speculation. Adams directed queries to the site, which evolved post-launch but remained sparse on specifics. This vagueness echoes other political tokens like $TRUMP and $MELANIA, which capitalized on celebrity but faced volatility.
Suspicious On-Chain Activity: Rug Pull Red Flags
The excitement was short-lived. $NYC hit $600 million market cap shortly after launch on January 12, 2026, before crashing below $100 million. Blockchain analytics firm BubbleMaps flagged alarming liquidity pool (LP) maneuvers: A wallet linked to the token's deployer (9Ty4M) removed ~$2.5 million USDC at peak, then added back ~$1.5 million post-drop, netting over $1 million. This "cycling" of USDC in and out mimicked classic rug pull tactics, where creators drain liquidity to cash out, leaving holders with worthless tokens.
Solscan data confirms the wallet's actions: It created a one-sided LP on Meteora, executed the extraction, and even set up a DCA (dollar-cost averaging) order to buy $NYC every 60 seconds for $200,000 — potentially to simulate demand. Community outcry was swift; X users labeled it an "obvious rug," drawing parallels to the $LIBRA scam where similar LP manipulation netted $87 million. The team denied wrongdoing, claiming "transparency and building for the long term," but provided no explanation for the moves.
On-chain sleuths like @fergmolina noted the deployer's connection, with no prior clarification from Adams. This isn't isolated; 2025 saw over 1,000 rug pulls on Solana, draining $100 million+ from investors, per Chainalysis reports.
Reactions and Broader Implications
Newly elected Mayor Zohran Mamdani dismissed $NYC, stating he holds no crypto and won't buy it. Crypto commentators mocked the project: @RuneCrypto_ called for FBI intervention, while @0xBepis highlighted Adams' media promotion as "atrocious crimes."
Some saw irony in a anti-hate token turning scammy, with @andrashine noting it as a "perfect harvesting field" for politicians.
This episode underscores memecoin risks, especially celebrity-backed ones. SEC Chair Gary Gensler has warned of "pump-and-dump" schemes, with 2025 enforcement actions recovering $500 million. For Adams, facing $4.5 million legal debts, the token's profits (if any) could be timely—though his "no salary" claim raises questions.
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Conclusion: A Cautionary Tale in Crypto Politics
Eric Adams' $NYC token launch, meant to champion noble causes, instead spotlighted memecoin volatility and potential foul play. With over $1 million allegedly extracted and a 80% crash, it joins infamous rugs like $LIBRA. As political figures eye crypto for fundraising, regulators may tighten scrutiny. Investors beware: In memecoin mania, hype often outpaces substance, and "fighting hate" shouldn't come at holders' expense.
