Eric Adams has made his first major public move since stepping down as New York City mayor by launching a city-branded cryptocurrency called the NYC Token.
In a post on X on Monday, Adams announced the token and shared a link to its official website. The site says the project aims to promote innovation in New York City while addressing what Adams described as “anti-Americanism.”
In a video message, Adams said New York has a global identity that goes beyond its borders. “There are two types of Americans, those who live in New York and those who wish they could,” he said, adding that the city-themed token is meant to “change the game.” He also suggested the project could see strong momentum, saying it was expected to “take off like crazy.”
Speaking later to FOX Business, Adams said proceeds from the NYC Token would be directed to nonprofit organizations. According to him, the funds will support education programs focused on combating antisemitism and anti-American sentiment, as well as initiatives that promote blockchain and crypto education.
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Adams added that part of the funding would also go toward scholarships for students in underserved New York City communities, positioning the token as both a cultural and educational project tied to the city’s identity.
NYC Token Faces Early Volatility and Transparency Questions
Eric Adams’s newly launched memecoin had a turbulent debut, according to on-chain data.
Figures from DEXScreener show that the Solana-based token dropped sharply within about 30 minutes of launch, falling from around $0.47 to nearly $0.10. During the same period, its market capitalization slid from close to $500 million to below $110 million at the time of reporting.
The launch has also drawn unverified allegations of foul play. Crypto analyst Rune referred to blockchain data that implied possibly the deliberate removal of liquidity and, he even asserted investors have lost more than $3.4 million. So far, no one has verified the allegations.
There is still a lot of uncertainty regarding the project’s future plans. The NYC Token website is quite vague about the project’s roadmap, and most of the buttons, such as “Buy NYC Token” and “Read Whitepaper” are not working.
According to the website’s tokenomics, 40% of the token supply is allocated for community rewards, 25% for liquidity, 15% for development, and the remaining 20% is used for both marketing and the team. The website also presents a larger vision than just one token, stating plans for establishing “a decentralized financial ecosystem that’s as ambitious as the city itself.”
