Eric Adams has made his first significant public move since leaving the New York City mayor’s office, unveiling a New York City–themed cryptocurrency aimed at combating antisemitism and “anti-Americanism.”
In a post on X Monday, Adams introduced the NYC Token, linking to a website that says the project also seeks to spark the next wave of innovation in the city.
“I always say there are two types of Americans: those who live in New York and those who wish they could,” Adams said in a video, adding, “We’re about to change the game.”
He continued, “If you can’t make it to New York, we’re going to bring New York to you,” suggesting the NYC-themed token is set to “take off like crazy.”
In an interview with FOX Business, Adams said that proceeds from the NYC Token will go toward supporting nonprofits that educate the public about antisemitism and anti-Americanism. The funds will also back programs teaching blockchain and cryptocurrency, as well as provide scholarships for students in underserved New York City communities.
“[There’s a] wave of anti-Americanism that is sweeping not only on Ivy League college campuses but in the cities, so the goal is how do we use blockchain technology with this token, and a substantial amount of money raised from this token is going to fight those initiatives.”
NYC Token Drops Sharply After Launch
Adam’s new memecoin faced a turbulent debut.
According to DEXScreener data, the Solana-based token plunged from $0.47 to around $0.10 within roughly 30 minutes of its launch, with its market cap falling from nearly $500 million to under $110 million at the time of writing.
Unverified claims have also surfaced alleging that the token’s team may have intentionally removed liquidity. Crypto analyst Rune cited blockchain data suggesting investors may have lost over $3.4 million.
Uncertainty Looms Over NYC Token’s Future
The NYC Token website offers little clarity on the project’s direction. Its “Buy NYC Token” and “Read Whitepaper” buttons are currently nonfunctional.
Tokenomics listed on the site indicate that 40% of tokens are earmarked for community rewards, 25% for liquidity, 15% for development, and the remaining 20% divided between marketing and the team. The site also hints at broader ambitions, stating: “We’re creating a decentralized financial ecosystem that’s as ambitious as the city itself.”
NYC Leadership Shifts
Adams officially left office on Jan. 1, succeeded by Zohran Mamdani, who defeated crypto advocate and former governor Andrew Cuomo in the Nov. 4 election.
During his tenure, Adams was among the most pro-crypto mayors in the U.S., famously converting portions of his early paychecks into digital assets. Mamdani, by contrast, has taken a more anti-capitalist stance, drawing criticism from the crypto community and raising concerns that his leadership could drive tech talent away from the city.
