Former New York City Mayor Eric Adams has reportedly entered the crypto scene with the bold launch of a meme coin. The meme coin, called the NYC Token, is introduced with a key focus on fighting rising anti-American sentiment and antisemitism. Adams noted that the revenue raised will also be used to educate children on blockchain and other innovative technologies.
Eric Adam’s meme coin has now become a strong competitor to political-themed tokens like TRUMP and MELANIA. The NYC Token launch marks the latest entry in the growing intersection of politics and crypto, with the meme coin news sparking interest from investors and media.
Meme Coin News: Eric Adams Launches NYC Token
According to the latest reports, New York City’s former Mayor Eric Adams has launched his own meme coin, called NYC Token. Rather than just a money-making token, Adams sees this meme coin as a “commemorative asset,” highlighting its key focus on social causes.
Adams unveiled the meme coin project on Monday at a Times Square press event. He addressed the token as a cryptocurrency project with a civic focus. As per his statement, the token intends to combat anti-American sentiment and antisemitism, as well as provide blockchain education.
Reportedly, the NYC token boasts a total supply of one billion coins. Of this, 80 million is available for trading at launch. Soon, the circulation will be expanded to 300 million. The project’s goals include supporting youth’s crypto education, providing scholarships for underserved students, and more. However, key details, like the project’s partners and its whitepaper, are missing on the official website. This prompts critics to question its transparency and ethical foundations.
Liquidity Concerns Spark Rug Pull Accusations
Shortly after the debut, the NYC token surged to a staggering market capitalization of $580 million. This reflects the growing demand for the token from retail investors and market participants.
Soon, the Solana-based meme coin plunged by more than 80%, with the market cap reaching $90 million after hitting $730 million. However, it later managed to recover above $110 million.
The New York Mayor’s meme coin project soon experienced major liquidity shifts, sparking concerns about the token’s structure and management. According to analytics firm Bubblemaps, a wallet connected to the NYC Token’s deployer has withdrawn about $2.5 million in USDC liquidity near the token’s peak value. Nearly $1.5 million was later returned when the price fell by about 60%.
As reported by the researchers, Wallet 9Ty4M created a one-sided liquidity pool on Meteora, removed $2.5 million, and moved back $1.5 million following the declines. These actions indicate a possible rug pull.
Political Meme Coins: From Trump and Melania to NYC Token
Interestingly, the NYC Token is now one among the politically linked meme coins, along with Donald Trump’s TRUMP and Melania Trump’s MELANIA. These politically linked meme coins often combine celebrity influence with crypto speculation. They attract both political supporters and investors.
The NYC Token launch reportedly coincides with the alleged death of the TRUMP Coin. TRUMP has been facing a sustained downward trend over the past few weeks, currently trading at $5.39.
In contrast, the MELANIA crypto is currently facing renewed positivity, with the token price jumping by 10% in a day. Over the past week and month, MELANI has surged by 24% and 54% respectively.
Source: https://coingape.com/just-in-after-trump-and-melania-ny-mayor-announces-new-meme-coin/
