• Former NYC Mayor Eric Adams launched “NYC Token” in Occasions Sq., claiming proceeds would fund efforts towards antisemitism via an unnamed nonprofit, although he supplied few technical particulars.
  • The token’s market cap hit US$580 million earlier than crashing 80%; on-chain analysts flagged a “rug pull” after a deployer pockets eliminated US$2.5 million in liquidity on the peak.
  • Adams defended the undertaking on Fox Enterprise, dismissing the crash as a “liquidity rebalance” whereas repeatedly referring to the trade as “block change know-how.”

Former NYC mayor Eric Adams promoted a brand new memecoin, “NYC Token,” on Monday in Occasions Sq., pitching it as a undertaking tied to civic causes and saying proceeds would assist efforts towards antisemitism and “anti-Americanism” via an unnamed nonprofit. 

He didn’t title co-founders or clarify how funds can be managed, and the launch prompted confusion with “New York Metropolis Coin,” a separate earlier undertaking that was later delisted by main exchanges in 2023 for low liquidity.

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One other Memecoin Rugpull…

Buying and selling in NYC Token spiked instantly after launch, with the token briefly reaching a reported US$580 million (AU$887.4 million) market worth earlier than a steep reversal. The web site lists a complete provide of 1 billion tokens and says 70% is allotted to a “reserve” that’s excluded from circulating provide.

The worth drop intensified after onchain researchers flagged liquidity actions. Bubblemaps and different analysts stated a pockets linked to the token’s deployer eliminated about US$2.5 million (AU$3.8 million) in USDC liquidity close to the height.

They stated roughly US$1.5 million (AU$2.2 million) was later added again solely after the token had fallen greater than 60%, leaving about US$900K (AU$1.3 million) not returned.

Adams denied “rug pull” accusations. In an emailed assertion Tuesday, he stated a market maker shifted liquidity to maintain buying and selling functioning and claimed the workforce has not bought tokens and is topic to lockups and switch restrictions. 

In a Fox interview with Maria Bartiromo, he gave imprecise solutions, to not name them weird, in regards to the token’s use case and twice referred to blockchain as “block change know-how.”

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