Former New York City Mayor Eric Adams has unveiled a new cryptocurrency project just weeks after leaving office, introducing a city-branded memecoin called NYC Token. Adams says the token is intended to combat antisemitism and rising anti-American sentiment while promoting blockchain education and innovation tied to New York City.
According to Adams proceeds from the token are expected to support non-profit organizations focused on education and awareness programs, as well as fund blockchain education initiatives and scholarships for students from underserved communities. He framed the project as a way to use emerging technology to address cultural and social challenges beyond traditional finance.
In a post to X on Monday, Adams announced;
Despite its ambitious messaging, the NYC Token experienced a sharp decline shortly after launch. Market data shows the token dropped from around $0.47 to near $0.10 within the first half hour, with its market capitalization falling dramatically in the same period. Online analysts have also raised concerns about liquidity changes and transparency, though no official confirmation has been provided.
The project’s website offers minimal clarity on long-term plans, with inactive links to key documents such as the whitepaper. Published token allocations indicate 40% set aside for community rewards, alongside portions reserved for liquidity, development, marketing, and the team.Adams was known for his pro-crypto stance while in office. However, the city’s leadership has since shifted, prompting debate over New York’s future role in the digital asset economy.
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