Crypto News: New York Mayor Jumps Into Crypto With New Meme Coin

Key Insights:

• According to recent crypto news, Eric Adams, the former New York City mayor, joined the crypto industry with the launch of a new meme coin named the NYC token.
• The NYC Token has a total supply of one billion coins. At launch, about 80 million tokens were available to trade. That number is expected to rise to 300 million soon.
• The New York Mayor’s meme coin project soon faced major liquidity swings, raising questions about its structure and management.

According to recent crypto news, Eric Adams, the former New York City mayor, joined the crypto industry with the launch of a new meme coin named the NYC token.

The former mayor shared on X about the project and told his followers that the NYC token will push back against rising anti-American sentiment and antisemitism.

According to Adams, part of the money raised through the meme coin will fund education programs that teach children about new technology like the blockchain.

Experts online went on to draw comparisons between the new meme coin and other political-themed tokens like MELANIA and TRUMP. Its launch shows how politics and crypto are becoming more closely linked.

Early interest from investors and the media suggests this latest political-themed token is getting serious attention.

Crypto News: Former NYC Mayor Eric Adams Introduces NYC Token

According to recent reports, former New York City Mayor Eric Adams has launched a meme coin called NYC Token. Unlike typical crypto tokens, Adams positions it as a commemorative asset. Adams said the coin isn’t just about making money. He said it’s also meant to support social causes.

Adams launched the NYC Token on Monday in Times Square. He said the coin is meant to address anti-American sentiment and antisemitism and help introduce young people to blockchain.

The NYC Token has a total supply of one billion coins. At launch, about 80 million tokens were available to trade. That number is expected to rise to 300 million soon.

Still, the project has raised some concerns.

Key details, including its partners and a whitepaper, are missing from the official website. Critics say the missing information makes it hard to know what the project is really doing.

Shortly after launch, the NYC Token jumped to a market value of $580 million, driven by strong buying from retail investors and traders.

However, the Solana-based meme coin soon lost momentum. Its market cap fell more than 80%, dropping from a peak of $730 million to $90 million. The token later staged a partial recovery, climbing back above $110 million.

A Closer Look at the Meme Coin

The New York Mayor’s meme coin project soon faced major liquidity swings, raising questions about its structure and management. Analytics firm Bubblemaps reported that a wallet linked to the NYC Token’s deployer withdrew around $2.5 million in USDC near the token’s peak.

When the price later dropped by roughly 60%, about $1.5 million was returned to the pool. Researchers noted that Wallet 9Ty4M had created a one-sided liquidity pool on Meteora, removed $2.5 million, and then moved back $1.5 million after the decline.

The NYC Token has joined the growing group of politically linked meme coins, alongside Donald Trump’s TRUMP and Melania Trump’s MELANIA. These tokens often mix celebrity influence with crypto speculation, drawing attention from both political supporters and investors.

The NYC Token launch comes as TRUMP faces a steep decline. The coin has trended downward for weeks and currently trades at $5.39.

The MELANIA token is gaining momentum again. The meme coin’s price soared by 10% in one day and is up 24% over the past week. Over the last month, it has climbed 54%.