The NYC token, launched by former New York Mayor Eric Adams, experienced a dramatic drop in value — less than a day after its launch, its price fell by more than 70%.
This is reported by Business • Media
Launch of the NYC Token and Stated Goals
On January 8, 2026, Eric Adams presented the cryptocurrency token NYC in Times Square. As the politician noted, the main goal of the project is to combat violence, educate children, and counter antisemitism. Adams also emphasized that this asset aims to engage ordinary New Yorkers in influencing the city’s future through cryptocurrency investments.
“The token is meant to help fight violence, educate children, and counter antisemitism.”
However, the official website of the initiative lacks detailed information about the development team, the principles of tokenomics, or the launch conditions. While the resource reports a market capitalization of over $2.5 million, a total issuance of 1 billion tokens, and 10,000 owners, other details remain unknown. The pages for the whitepaper and the token purchase function were not operational during attempts to access them.
Suspicious Transactions and Price Drop
From the first hours after the launch, analysts recorded several suspicious financial operations. According to Rune Crypto, over $3.4 million in liquidity was withdrawn. User StarPlatinum pointed out the significant centralization of the project and high risks for investors. Researchers from Bubblemaps reported that a wallet associated with the token owner transferred $2.5 million into the stablecoin USDC, and after the token’s price drop, returned $1.5 million back.
As a result of these events, the price of NYC rapidly decreased by more than 70% within a few hours.
NYC/USD Chart. Data: Axiom.
It is worth noting that at the beginning of 2025, U.S. President Donald Trump and his wife also introduced their own meme coins.