Former New York City Mayor Launches Meme Token

NYC, after surpassing a market cap of $600 million, plummeted to $100 million, taking another wave of retail investors along?

NYC is a Meme token issued by former New York City Mayor Eric Adams. Eric Adams launched the NYC Token on the Solana blockchain, claiming it was used to “combat anti-Semitism and anti-Americanism.” After its launch, the token’s market cap once surged to $600 million, then sharply fell to less than $100 million. On-chain analysis shows that the project team withdrew liquidity by cycling USDC, cashing out over $1 million in a short period, with some data indicating the team’s actual profit exceeded $3 million. Crypto KOL @old spent $820,000 to buy 6.98 million NYC tokens during the crash and still holds some USDC, suspected of continuing to add to their position.
Market Sentiment
Community members are generally angry, social media buzz is rising, mainstream KOLs criticize the project as “exit scam,” accusing the former mayor of using influence to harvest retail investors, with related tweets exceeding one million views.
Trading Guide
Blockchain analysis platform Bubblemaps: On-chain evidence shows that the NYC token deployer withdrew a large amount of liquidity at the market cap peak, then created a false appearance of price recovery, typical Rug Pull operation.
Mainstream community view: The NYC incident exposes the high risks of celebrity-endorsed Meme coins. Politicians use sensitive topics to package projects, and investors should be wary of concentrated liquidity and abnormal token holding structures.
Risk Warning: NYC tokens are highly concentrated in holdings, liquidity can be withdrawn at any time, and there is a lack of transparent fund custody mechanisms. Short-term speculative risks are extremely high; it is recommended to stay away from such high-risk projects.